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What is the estimated amount of ending inventory

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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%

Reference no: EM132775516

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