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Question - As a result of taking a physical inventory count on December 31, 20106 the Cookie Company inventory was determined to be $425,000. The auditors for Cookie suspected an inventory shortage and used the gross profit method to estimate the ending inventory. The accounting records for the company contained the following information:
Inventory (1/1/16) $330,000
Purchases (2016) 1,770,000
Sales (2016) 2,200,000
Sales returns (2016) 100,000
Gross profit ratio 25% of sales
Using the gross profit method, what did the auditors estimate as the amount of the inventory shortage at December 31, 2016?
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