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What is the merchandise inventory of Oriole at December

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Question - On January 1, 2017, the merchandise inventory of Oriole, Inc. was $1750000. During 2017 Oriole purchased $3497000 of merchandise and recorded sales of $4300000. The gross profit rate on these sales was 25%. What is the merchandise inventory of Oriole at December 31, 2017?

Reference no: EM132561782

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