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During August, the first month of the fiscal year, sales totaled $875,000 and the cost of merchandise available for sale totaled $700,000. Estimate the cost of the merchandise inventory as of August 31, based on an estimated gross profit rate of 45%.
Social Identity Theory
Social identity theory is a psychological framework that posits individuals derive part of their identity and self-esteem from the groups to which they belong.
Status Quo
The existing state or condition of a situation, which is often seen as the standard or norm.
Entitativity
The perception or degree to which a group is seen as being a coherent, distinct, and unified entity.
Ingroup Bias
The inclination to prefer individuals from one's own group rather than from other groups.
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