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Given the following, calculate the estimated cost of ending inventory using the gross profit method. Gross profit 55%. Net purchases 3,600. Beginning inventory 28,700. Net

Given the following, calculate the estimated cost of ending inventory using the gross profit method. Gross profit 55%. Net purchases 3,600. Beginning inventory 28,700. Net sales at retail 16,700.

Estimate cost of ending inventory. ( please show all work).

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