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Based on the Following Data, Estimate the Cost of Ending

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Based on the following data, estimate the cost of ending merchandise inventory using the gross profit method.  Sales $250,000 Estimated gross profit rate 25% Beginning merchandise inventory $9,000 Purchases (net) 211,000 Merchandise available for sale $220,000\begin{array}{lr}\text { Sales } & \$ 250,000 \\\text { Estimated gross profit rate } & 25 \%\\\text { Beginning merchandise inventory } & \$ 9,000 \\\text { Purchases (net) } & 211,000 \\\text { Merchandise available for sale } & \$ 220,000\end{array}

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