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

Gross Profit Method

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

Sales (net)

$9,250,000

Estimated gross profit rate

36%

Beginning merchandise inventory

$180,000

Purchases (net)

5,945,000

Merchandise available for sale

$6,125,000

Cost of Ending Merchandise Inventory

Merchandise available for sale

$

Less sales (net)

Estimated ending merchandise inventory

$

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