Question: Gross Profit Method Based on the following data, estimate the cost of the ending merchandise inventory: Sales (net) $1,000,000 Estimated gross profit rate 39% Beginning

Gross Profit Method

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

Sales (net) $1,000,000
Estimated gross profit rate 39%
Beginning merchandise inventory $612,000
Purchases (net) 62,000
Merchandise available for sale $674,000

Cost of Ending Merchandise Inventory
$
$

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