Question: Gross Profit Method Based on the following data, estimate the cost of the ending inventory: Sales $1,450,000 Estimated gross profit rate 42% Beginning inventory $100,000

Gross Profit Method

Based on the following data, estimate the cost of the ending inventory:

Sales $1,450,000
Estimated gross profit rate 42%
Beginning inventory $100,000
Purchases (net) 860,000
Merchandise available for sale $960,000

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