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Gross Profit Method Based on the following data, estimate the cost of the ending inventory: Sales $1,450,000 Estimated gross profit rate 42% Beginning inventory $100,000
Gross Profit Method
Based on the following data, estimate the cost of the ending inventory:
Sales | $1,450,000 |
Estimated gross profit rate | 42% |
Beginning inventory | $100,000 |
Purchases (net) | 860,000 |
Merchandise available for sale | $960,000 |
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