Reggie Company on July 1, 201X, had inventory costing $31,500 and during July had net purchases of

Question:

Reggie Company on July 1, 201X, had inventory costing $31,500 and during July had net purchases of $67,200. Over the years, Reggie Company’s gross profit averaged 43% on sales. Given that the company has net sales of $109,500, calculate an estimated cost of ending inventory using the gross profit method.

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