Question: Based upon the following data, estimate the cost of ending merchandise inventory: Sales (net) ............... $1,500,000 Estimated gross profit rate .......... 35% Beginning merchandise inventory

Based upon the following data, estimate the cost of ending merchandise inventory:
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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