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Let's Surf Co. (LSC) is a retailer of surfboards. You have been asked to estimate the company's closing inventory, to validate the accuracy of the

Let's Surf Co. (LSC) is a retailer of surfboards. You have been asked to estimate the company's closing inventory, to validate the accuracy of the year-end inventory count. Pertinent details for the fiscal year follow: Historically, LSC has averaged a 64.50% gross margin. LSC rounds all percentages to two decimal places (for example, 31.47%). Assume that LSC uses the gross profit method to estimate its closing inventory. Based on this estimate, what amount will LSC report as COGS on its statement of comprehensive income for the year?

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