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Posted on Jul 25, 2024

Michignal LTD. estimates the cost of its physical inventory at March 31 for use in interim Financial statements. Their gross profits on sales average 40%.

Account Balances are available:

Inventory - $220,000

Purchases - $172,000

Purchase Returns - $8,000

Sales during March - $350,000

Use the gross profit method to estimate the dollar value of the inventory at March 31. Show work.

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