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Gross Profit Method Based on the following data, estimate the cost of the ending merchandise inventory: Sales (net) $9,250,000 Estimated gross profit rate 36% Beginning
Gross Profit Method
Based on the following data, estimate the cost of the ending merchandise inventory:
| Sales (net) | $9,250,000 |
| Estimated gross profit rate | 36% |
| Beginning merchandise inventory | $180,000 |
| Purchases (net) | 5,945,000 |
| Merchandise available for sale | $6,125,000 |
| Cost of Ending Merchandise Inventory | |
| $ | |
| $ | |
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Managerial Accounting Tools For Business Decision Making
Authors: Strayer University
2010th Custom Edition
0470603534, 978-0470603536
