Metro Hardware had a beginning inventory of $50,000 on January 1. During the month of...
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Accounting
Metro Hardware had a beginning inventory of $50,000 on January 1. During the month of January, net purchases amounted to $20,000 and net sales totaled $30,000. The company's normal gross profit rate is 40% of net sales. Using the gross profit method, Metro's estimated inventory at the end of January is:
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