Question: Gross Profit Method Based on the following data, estimate the cost of the ending inventory: Sales $9,250,000 Estimated gross profit rate 36% Beginning inventory $180,000

Gross Profit Method

Based on the following data, estimate the cost of the ending inventory:

Sales $9,250,000
Estimated gross profit rate 36%
Beginning inventory $180,000
Purchases (net) 5,945,000
Merchandise available for sale $6,125,000

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