Question: Gross Profit Method Based on the following data, estimate the cost of the ending merchandise inventory: Sales $7,600,000 Estimated gross profit rate 43% Beginning merchandise

Gross Profit Method Based on the following data, estimate the cost of the ending merchandise inventory: Sales $7,600,000 Estimated gross profit rate 43% Beginning merchandise inventory $4,303,000 Purchases (net) 436,000 Merchandise available for sale $4,739,000 Cost of Ending Merchandise Inventory Cost of merchandise sold fuerch Cost of merchandise sold

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