Question: E7-16 (Supplement B) Estimating Inventory Using the Gross Profit Method Hartman Co.s accounting records contained the following information related to the month of November: Beginning

E7-16 (Supplement B) Estimating Inventory Using the Gross Profit Method Hartman Co.’s accounting records contained the following information related to the month of November: Beginning inventory $16,000 Purchases 52,000 Net sales 75,000 Estimated gross profit percentage 30% Estimate cost of goods sold for the month and ending inventory at month-end using the gross profit method.

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