Question: Gross Profit Method Based on the following data, estimate the cost of the ending merchandise inventory: Sales $6,800,000 41% Estimated gross profit rate Beginning merchandise

Gross Profit Method Based on the following data, estimate the cost of the ending merchandise inventory: Sales $6,800,000 41% Estimated gross profit rate Beginning merchandise inventory $3,985,000 404,000 Purchases (net) $4,389,000 Merchandise available for sale Cost of Ending Merchandise Inventory - Merchandise available for sale Less cost of merchandise sold Estimated ending merchandise inventory

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