Question: Gross Profit Method Based on the following data, estimate the cost of the ending inventory: Sales $4,700,000 Estimated gross profit rate 43% Beginning inventory $2,661,000

Gross Profit Method

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

Sales $4,700,000
Estimated gross profit rate 43%
Beginning inventory $2,661,000
Purchases (net) 270,000
Merchandise available for sale $2,931,000

Estimated Cost of Ending Inventory

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