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Landis Company is preparing its financial statements. Gross margin is normally 40% of sales. Information taken from the company's records revealed sales of $100,000; beginning

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Landis Company is preparing its financial statements. Gross margin is normally 40% of sales. Information taken from the company's records revealed sales of $100,000; beginning inventory of $10,000 and purchases of $70,000. The estimated amount of ending inventory would be: $60,000, $40,000. $32,000. $20,000

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