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Gross Profit Method Based on the following data, estimate the cost of the ending merchandise inventory: Sales (net) $1,450,000 Estimated gross profit rate 42% Beginning
Gross Profit Method
Based on the following data, estimate the cost of the ending merchandise inventory:
| Sales (net) | $1,450,000 |
| Estimated gross profit rate | 42% |
| Beginning merchandise inventory | $100,000 |
| Purchases (net) | 860,000 |
| Merchandise available for sale | $960,000 |
| Cost of Ending Merchandise Inventory | |
| Merchandise available for sale | $ |
| Less cost of merchandise sold | |
| Estimated ending merchandise inventory | $ |
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Proli Footwear Inc An Audit And Fraud Simulation For Team-Based Student Learning
Authors: Patricia Poli, Richard Proctor
2nd Edition
0615455492, 978-0615455495
