Question: Gross Profit Method Based on the following data, estimate the cost of the ending merchandise inventory: Sales (net) $1,100,000 Estimated gross profit rate 36% Beginning

Gross Profit Method Based on the following data, estimate the cost of the ending merchandise inventory: Sales (net) $1,100,000 Estimated gross profit rate 36% Beginning merchandise inventory Purchases (net) $706,000 72,000 Merchandise available for sale $778,000 Cost of Ending Merchandise Inventory

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