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What is company x estimated ending inventory balance

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Question - On January 1, 2016, Company X had an inventory balance of $200,000. During the year, Company X had net purchases of $1,000,000 and net sales of $900,000. Historically, Company X's gross profit ratio has been 40%. Using the gross profit method, what is Company X's estimated ending inventory balance?

Reference no: EM132146169

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