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Question 9 The following information is available for November 2018, for Golden Company. Beginning inventory Purchases Purchase return 20,000 50,000 Sales Sales discount Gross profit

Question 9

The following information is available for November 2018, for Golden Company.

Beginning inventory

Purchases

Purchase return

20,000

50,000

Sales

Sales discount

Gross profit percentage of sales

$80,000

Using the gross profit method, the estimated ending inventory is:

$50,000

$85,000

$22,500

$30,000

25\%

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