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Gross Profit Method Based on the following data, estimate the cost of the ending merchandise inventory: Sales (net) $1,000,000 Estimated gross profit rate 39% Beginning
Gross Profit Method
Based on the following data, estimate the cost of the ending merchandise inventory:
| Sales (net) | $1,000,000 |
| Estimated gross profit rate | 39% |
| Beginning merchandise inventory | $612,000 |
| Purchases (net) | 62,000 |
| Merchandise available for sale | $674,000 |
| Cost of Ending Merchandise Inventory | |
| $ | |
| $ | |
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International Financial Reporting Standards A Practical Guide
Authors: Hennie Van Greuning, Darrel Scott, Simonet Terblanche
6th Edition
0821384287, 978-0821384282
