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Kays beauty supply uses the gross profit method to estimate

Kay's Beauty Supply uses the gross profit method to estimate the cost of ending inventory for in-house interim financial statements. Based on the following information for March, calculate Kay's Beauty Supply 's ending inventory at March 31.

Cost of goods available for sale ............. 125,000

Net sales for March ................ 80,000

Estimated historical gross profit rate on net sales ...... 35%

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Accounting Basics: Kays beauty supply uses the gross profit method to estimate

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