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Gross Profit Method Based on the following data, estimate the cost of the ending inventory: Sales $9,250,000 Estimated gross profit rate 36% Beginning inventory $180,000

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Gross Profit Method Based on the following data, estimate the cost of the ending inventory: Sales $9,250,000 Estimated gross profit rate 36% Beginning inventory $180,000 Purchases (net) 5,945,000 Merchandise available for sale $6,125,000 Estimated Cost of Ending Inventory Merchandise available for sale $ 6,125,000 Cost of goods sold Estimated ending inventory $

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