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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 | |
| Beginning merchandise inventory | $ |
| Less cost of merchandise sold | |
| Estimated ending merchandise inventory | $ |
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Introduction To Accounting An Integrated Approach
Authors: Penne Ainsworth, Dan Deines
5th Edition
0073527009, 9780073527000
