Based on the following data, estimate the cost of ending merchandise inventory: 1 answer below »

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EX 7-23 Gross profit method

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

Sales (net)

$5,260,000

Estimated gross profi t rate

40%

Beginning merchandise inventory

$ 180,000

Purchases (net)

3,200,000

Merchandise available for sale

$3,380,000

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