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Question - gross profit method based on the following data

Question - Gross profit method

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

Sales (net) $5,260,000

Estimated gross profit rate 40%

Beginning merchandise inventory $180,000

Purchases (net) 3,200,000

Merchandise available for sale $3,380,000

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Accounting Basics: Question - gross profit method based on the following data

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