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The beginning inventory of Soft Toys Inc. was $46,000. The purchases (excluding returns) and sales revenue for the year were $230,000 and $325,000, respectively. The
The beginning inventory of Soft Toys Inc. was $46,000. The purchases (excluding returns) and sales revenue for the year were $230,000 and $325,000, respectively. The purchase returns amounted to $30,000. The company's normal gross profit percent is 60%. What is the amount of the estimated ending inventory?
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