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Determine the estimated cost of waterway company inventory

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Question - Waterway Company prepares monthly financial statements and uses the gross profit method to estimate ending inventories. Historically, the company has had a 40% gross profit rate. During June, net sales amounted to $182000; the beginning inventory on June 1 was $57000; and the cost of goods purchased during June amounted to $88000. Determine the estimated cost of Waterway Company's inventory on June 30?

Reference no: EM133180292

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