Question: Gross Profit Method Based on the following data, estimate the cost of the ending merchandise inventory: Sales $1,800,000 Estimated gross profit rate 41% Beginning

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

Gross Profit Method Based on the following data, estimate the cost of the ending merchandise inventory: Sales $1,800,000 Estimated gross profit rate 41% Beginning merchandise inventory $1,066,000 Purchases (net) 108,000 Merchandise available for sale $1,174,000 Cost of Ending Merchandise Inventory

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