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On September 30, Stark Company needed to estimate its ending inventory in order to prepare its third-quarter financial statements. The following information is available: (1)

On September 30, Stark Company needed to estimate its ending inventory in order to prepare its third-quarter financial statements. The following information is available: (1) Inventory, July 1: Dollar 12,500 (2) Third quarter net sales: Dollar Dollar 40,000 (3) Third quarter net purchases: Dollar 17,500 Stark's gross profit ratio is 15 percent. Estimated cost of goods sold would be

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