Question: Gross Profit Method Based on the following data, estimate the cost of the ending inventory: Sales $1,600,000 Estimated gross profit rate 37% Beginning merchandise inventory

Gross Profit Method Based on the following data, estimate the cost

Gross Profit Method Based on the following data, estimate the cost of the ending inventory: Sales $1,600,000 Estimated gross profit rate 37% Beginning merchandise inventory $1,012,000 Purchases (net) 102,000 Merchandise available for sale $1,114,000 Estimated Cost of Ending Inventory

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