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Ron Co. has a gross profit on sales of 42%. On November 1. 2016, beginning inventory was $9,000. Net purchases for the month were $35,000.

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Ron Co. has a gross profit on sales of 42%. On November 1. 2016, beginning inventory was $9,000. Net purchases for the month were $35,000. Assuming Ron has retail sales of $60,000 in November, what is the estimated cost of ending inventory using the gross profit method

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