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Gross Profit Method
Based on the following data, estimate the cost of ending merchandise inventory:
Sales (net) $3,300,000
Estimated gross profit rate 41%
Beginning merchandise inventory $1,934,000
Purchases (net) 196,000
Merchandise available for sale $2,130,000
Based on the following data, estimate the cost of ending merchandise inventory:
Sales (net) $3,300,000
Estimated gross profit rate 41%
Beginning merchandise inventory $1,934,000
Purchases (net) 196,000
Merchandise available for sale $2,130,000
Financial accounting. homework?
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