Given the following, calculate the estimated cost of ending inventory using the gross profit method....
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Accounting
Given the following, calculate the estimated cost of ending inventory using the gross profit method.
| Gross profit on sales | 65 | % | Net purchases | $ | 5,000 | |
| Beginning inventory | $ | 30,100 | Net sales at retail | $ | 18,100 | |
Estimated cost of ending inventory $
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