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Estimating ending inventory cost

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Jan-begiining Inventory $300,260.00
Cost of goods purchased $939,050.00
Sales $ 1,191,150.00
Sales returns $9,450.00

gross profit rate average 35%

Use the gross profit method to estimate the ending inventory.

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Solution Preview

Problem:

Jan-begiining Inventory $300,260.00
Cost of goods purchased $939,050.00
Sales $ 1,191,150.00
Sales returns ...

Solution Summary

This solution estimates ending inventory cost.

$2.19