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Estimate the cost of ending merchandise inventory

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Reference no: EM132681309

Problem - Gross profit method - Based on the following data, estimate the cost of ending merchandise inventory:

Sales (net) $2,080,000

Estimated gross profit rate 37%

Beginning merchandise inventory $ 75,000

Purchases (net) 1,325,000

Merchandise available for sale $1,400,000

Reference no: EM132681309

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