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Problem 1: The author of Siddharth Company is trying to estimate its ending inventory using the gross profit method. Given the following information for October, what is the estimated amount of ending inventory for Siddharth Company?
Beginning inventory $400,000
Gross purchases 1,200,000
Purchase discounts 55,000
Gross Sales 1.190,000
Sales allowances 20,000
Gross profit as a percentage of cost 20%
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