Question: Gross Profit Method Based on the following data, estimate the cost of the ending merchandise inventory: Sales (net) $4,000,000 Estimated gross profit rate 45% Beginning
Gross Profit Method
Based on the following data, estimate the cost of the ending merchandise inventory:
| Sales (net) | $4,000,000 |
| Estimated gross profit rate | 45% |
| Beginning merchandise inventory | $2,186,000 |
| Purchases (net) | 221,000 |
| Merchandise available for sale | $2,407,000 |
Gross Profit Method
Based on the following data, estimate the cost of the ending merchandise inventory:
| Sales (net) | $1,800,000 |
| Estimated gross profit rate | 36% |
| Beginning merchandise inventory | $1,156,000 |
| Purchases (net) | 117,000 |
| Merchandise available for sale | $1,273,000 |
(A) $
Based on the following data, estimate the cost of the ending merchandise inventory:
| Sales (net) | $1,800,000 |
| Estimated gross profit rate | 36% |
| Beginning merchandise inventory | $1,156,000 |
| Purchases (net) | 117,000 |
| Merchandise available for sale | $1,273,000 |
(B) $
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