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Estimate the cost of ending merchandise inventory

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Reference no: EM131802322

Question - Gross profit method

Based on the following data, estimate the cost of ending merchandise inventory:

Sales (net)                                            $5,260,000

Estimated gross profit rate                      40%

Beginning merchandise inventory            $180,000

Purchases (net)                                     3,200,000

Merchandise available for sale                $3,380,000

Reference no: EM131802322

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