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Landis Company is preparing its financial statements. Gross margin is normally 4 0 % of sales. Information taken from the company's records revealed sales of

Landis Company is preparing its financial statements. Gross margin is normally 40% of sales. Information taken from the company's records revealed sales of $75,000; beginning inventory of $7,500 and purchases of $52,500. What is the estimated amount of ending inventory at the end of the period?
Multiple Choice
$45,000
$15,000
$30,000
$24,000

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