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HomeworkSavedHelpSave & ExitSuYou skipped this question in the previous attempt . 6 Check my woExercise 6 - 1 2 Estimating ending inventory - gross profit

HomeworkSavedHelpSave & ExitSuYou skipped this question in the previous attempt.6Check my woExercise 6-12 Estimating ending inventory-gross profit method LO610pointsOn January 1, The Parts Store had a $430,000 inventory at cost. During the first quarter of the year, it purchased $1,5/0,000 of merchandise, returned $22,100, and paid freight charges on purchased merchandise totalling $36,600. During the past several years. the store's gross profit on sales has averaged 30%. Under the assumption the store had $1,980,000 of sales during the first quarter of the year, use the gross profit method to estimate its inventory at the end of the first quarter.ebookPrintReferences
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