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Question - Cotton Company uses the gross profit method to estimate inventory for the yearly reports. Information follows for the Year Ended December 31, 2023.
Beginning Inventory, January 1 $950,000
Purchases 670,000
Purchases Discounts 13,000
Freight-In 45,000
Sales 1,550,000
Sales Returns 68,000
Required -
a) Calculate the estimated inventory for the Year Ended December 31, 2023 assuming that the gross profit is 40.0% of sales.
b) Prepare journal entries of December 31, 2023, to close the accounts.
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