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

EX 7-24 Gross profit method

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

Sales (net)

$2,080,000

Estimated gross profi t rate

37%

Beginning merchandise inventory

$ 75,000

Purchases (net)

1,325,000

Merchandise available for sale

$1,400,000

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