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Estimate ending inventory for october

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Question - Zannie Company had $21,900 of inventory on October 1. During October, it purchased $134,200 of merchandise, returned $1,300 and paid $2,500 of freight charges on purchases. Sales for October were $290,000 and the normal gross profit ratio is 55%. Use the gross profit method to estimate ending inventory for October.

Reference no: EM133024808

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