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On the basis of the following data, what is the estimated cost of the merchandise inventory on October 31 by the retail method employed by
On the basis of the following data, what is the estimated cost of the merchandise inventory on October 31 by the retail method employed by Lazarus Fine Silks ? Cost Retail Oct. 1 Merchandise Inventory $225,000 $324,500 Oct. 1-31 Purchases (net) 335,000 475,500 Oct. 1-31 Sales (net) 700,000
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