Solve the estimated ending inventory using the gross profit

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Assume the following information:

Beginning inventory $990,000;

purchases $450,300;

freight-in $12,200;

sales $2,430,000;

sales returns $19,800;

sales allowances $8,400;

purchase discounts $5,250

Gross profit is 40% of sales

Problem 1: Calculate the estimated ending inventory using the gross profit method.

Reference no: EM132726866

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