Question: 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 $

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

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