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On March 31 a company needed to estimate its ending inventory to prepare its first quarter financial statements. The following information is available: Beginning inventory,

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On March 31 a company needed to estimate its ending inventory to prepare its first quarter financial statements. The following information is available: Beginning inventory, January 1: $5,500 Net sales: $55,000 Net purchases: $56.000 The company's gross margin ratio is 15%. Using the gross profit method, the cost of goods sold would be: Multiple Choice $29,250

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