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Gross Profit Method Based on the following data, estimate the cost of the ending merchandise inventory: Sales $1,700,000 Estimated gross profit rate 42% Beginning merchandise

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Gross Profit Method Based on the following data, estimate the cost of the ending merchandise inventory: Sales $1,700,000 Estimated gross profit rate 42% Beginning merchandise inventory $990,000 Purchases (net) 100,000 Merchandise available for sale $1,090,000 Cost of Ending Merchandise Inventory Previous Next

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