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Gross Profit Method Based on the following data, estimate the cost of the ending inventory: Sales $4,700,000 Estimated gross profit rate 43% Beginning inventory $2,661,000
Gross Profit Method
Based on the following data, estimate the cost of the ending inventory:
Sales | $4,700,000 |
Estimated gross profit rate | 43% |
Beginning inventory | $2,661,000 |
Purchases (net) | 270,000 |
Merchandise available for sale | $2,931,000 |
Estimated Cost of Ending Inventory |
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