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QUESTION
On September 30 a company needed to estimate its ending inventory to prepare its third quarter financial statements. The following information is...
On September 30 a company needed to estimate its ending inventory to prepare its third quarter financial statements. The following information is available: Beginning inventory, July 1: $4,000Net sales: $40,000Net purchases: $41,000The company's gross margin ratio is 15%. Using the gross profit method, the cost of goods sold would be:
