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Calculate Kay ending inventory at March

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Reference no: EM132883990

Problem - Kay's Beauty Supply uses the gross profit method to estimate the cost of ending inventory for in-house interim financial statements. Based on the following information for March, calculate Kay's' ending inventory at March 31.

Cost of goods available for sale $125,000

Net sales for March $ 80,000

Estimated historical gross profit rate on net sales 35%

Reference no: EM132883990

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