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A company estimates the cost of its physical inventory at Nov. 30 for use in an interim financial statement. Managemnt uses a gross profit rate on sales of 30%. The following information is available:
Inventory Nov 1 $500.000

Pruchase During November $650,000

Sales during November $900,000

What is the estimated cost of inventory at November 30?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9797280

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