Question: Gross Profit Method Based on the following data, estimate the cost of the ending merchandise inventory: $1,700,000 40% Sales (net) Estimated gross profit rate Beginning

Gross Profit Method Based on the following data, estimate the cost of the ending merchandise inventory: $1,700,000 40% Sales (net) Estimated gross profit rate Beginning merchandise inventory Purchases (net) $1,023,000 104,000 Merchandise available for sale $1,127,000 Cost of Ending Merchandise Inventory Merchandise available for sale Less cost of merchandise sold Estimated ending merchandise inventory

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