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Compute the estimated ending inventory under gross profit

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Question - St. Paul Corporation has a normal gross profit of 45%. The current year's beginning inventory was $2,500, purchases were $9,000, and retail sales were $15,000. The estimated ending inventory under the gross profit method is:

a. $4,750

b. $3,250

c. $8,220

d. $4,050

Reference no: EM131986294

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