Based upon the following data estimate the cost of ending merchandise inventory:
Definitions:
Daily Profit
The financial gain or loss a business makes in a single day, calculated by subtracting total daily expenses from total daily revenue.
Marginal Revenue
The extra revenue generated by the sale of an additional unit of a product or service.
Profit-maximizing
The process or strategy by which a firm determines the price and output level that returns the greatest profit.
Ethanol
A renewable fuel made from various plant materials, which can be used as an alternative to gasoline.
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