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Foster Company suspects that an employee may be stealing inventory to give as holiday gifts to friends and relatives. Net Sales $220,000 Beginning Inventory $55,000

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Foster Company suspects that an employee may be stealing inventory to give as holiday gifts to friends and relatives. Net Sales $220,000 Beginning Inventory $55,000 Net Purchases $138,600 Gross Profit Percentage 52% Actual Cost of the Ending Inventory $81,460 Use the gross profit method of inventory estimation to compute the estimated cost of the missing inventory. Estimated cost of the missing inventory: $0 X 5

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