Based upon the following data, estimate the cost of ending merchandise inventory: Sales (net) .............. $800,000 Estimated
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Sales (net) .............. $800,000
Estimated gross profit rate ....... 36%
Beginning merchandise inventory ..... $ 75,000
Purchases (net) ........... 625,000
Merchandise available for sale..... $700,000
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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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