Question: Gross Profit Method Based on the following data, estimate the cost of the ending merchandise inventory: Sales $3,800,000 Estimated gross profit rate 36% Beginning merchandise

Gross Profit Method Based on the following data, estimate the cost

Gross Profit Method Based on the following data, estimate the cost of the ending merchandise inventory: Sales $3,800,000 Estimated gross profit rate 36% Beginning merchandise inventory $2,416,000 Purchases (net) 245,000 Merchandise available for sale $2,661,000 Cost of Ending Merchandise Inventory

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