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At the beginning of 2012, Wilson Stores has an inventory of $300,000. Because sales growth was strong during 2012, the owner wants to increase inventory on hand to $450,000 at December 31, 2012. If net sales for 2012 are expected to be $2,600,000, and the gross profit rate is expected to be 35%, compute the cost of the merchandise the owner should expect to purchase during 2012.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9972087

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