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Computing Gross Profit and Cost Percentages Given Ending Inventory Balances Harris Inc., with a...

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Accounting

Computing Gross Profit and Cost Percentages Given Ending Inventory Balances
Harris Inc., with a December 31 year-end, uses a periodic inventory system. Because its physical inventory count takes place at year-end only, Harris estimates ending inventory for its quarterly reports using the gross profit method. The following information for the first two quarters of the year is available.
\table[[Inventory, January 1(based on physical count),$54,000
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