Jackson Company suspects that an employee may be stealing inventory to give as holiday gifts to...

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Jackson Company suspects that an employee may be stealing inventory to give as holiday gifts to friends and relatives. Net Sales Beginning Inventory Net Purchases Gross Profit Percentage Actual Cost of the Ending Inventory $470,000 $94.000 $263,200 Estimated cost of the missing inventory: 34% $40.160 Use the gross profit method of inventory estimation to compute the estimated cost of the missing inventory. $ Jackson Company suspects that an employee may be stealing inventory to give as holiday gifts to friends and relatives. Net Sales Beginning Inventory Net Purchases Gross Profit Percentage Actual Cost of the Ending Inventory $470,000 $94.000 $263,200 Estimated cost of the missing inventory: 34% $40.160 Use the gross profit method of inventory estimation to compute the estimated cost of the missing inventory. $

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