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Calculate the estimated ending inventory using gross profit

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Question - Assume the following information:

Beginning inventory $990,000; purchases $450,300; freight-in $12,200; sales $2,430,000; sales returns $19,800; sales allowances $8,400; purchase discounts $5,250

Gross profit is 40% of sales

Required - Calculate the estimated ending inventory using the gross profit method.

Reference no: EM132723421

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