Kay's Beauty Supply uses the gross profit method to estimate the cost of ending inventory...
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Accounting
Kay's Beauty Supply uses the gross profit method to estimate the cost of ending inventory for in-house interim financial statements. Based on the following information for March, calculate Kay's Beauty Supply's ending inventory at March 31. Cost of goods available for sale $ 121,000 Net sales for March 75,000 Estimated historical gross profit rate on net sales 37 %
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