Based on the following data, estimate the cost of ending merchandise inventory using the gross profit method. Sales (net) $729,000 Estimated gross profit rate 35%     Beginning merchandise inventory $59,800 Purchases (net) 627,300 Merchandise available for sale $687,100

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Based on the following data, estimate the cost of ending merchandise inventory using the gross profit method.

Sales (net) $729,000
Estimated gross profit rate 35%
   
Beginning merchandise inventory $59,800
Purchases (net) 627,300
Merchandise available for sale $687,100
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