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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 $85,000; beginning

Landis Company is preparing its financial statements. Gross margin is normally 40% of sales. Information taken from the company's records revealed sales of $85,000; beginning inventory of $8,500 and purchases of $59,500. What is the estimated amount of ending inventory at the end of the period?

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