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Wayward Company wants to prepare interim financial statements for the first quarter. The company wishes to avoid making a physical count of inventory. Wayward's gross

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Wayward Company wants to prepare interim financial statements for the first quarter. The company wishes to avoid making a physical count of inventory. Wayward's gross profit rate averages 30%. The following information for the first quarter is available from its records. Required: Use the gross profit method to estimate the company's first quarter ending inventory

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