Based on the following data, estimate the cost of the ending merchandise inventory: Sales (net) ................ $1,450,000
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Sales (net) ................ $1,450,000
Estimated gross profit rate ........ 42%
Beginning merchandise inventory ..... $ 100,000
Purchases (net) .............. 860,000
Merchandise available for sale ....... $ 960,000
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Related Book For
Financial And Managerial Accounting
ISBN: 9781337119207
14th Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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