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Accounting

Problem:

Federal Technology began the year with inventory of $315,000 and purchased $1,820,000 of goods during the year. Sales for the year are $3,920,000, and Federal's gross profit percentage is 60% of sales.

Required:

Question: Compute Federal's estimated cost of ending inventory by using the gross profit method.

Note: Please show how you came up with the solution.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91163800

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