Based upon the following data, estimate the cost of ending merchandise inventory: Sales (net) ............... $1,500,000 Estimated
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Sales (net) ............... $1,500,000
Estimated gross profit rate .......... 35%
Beginning merchandise inventory ........ $ 180,000
Purchases (net) .............. 1,200,000
Merchandise available for sale ........ $1,380,000
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Related Book For
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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