The following inventory-related information is for Magily Company. Year 1 Year 2 Sales $600,000 $700,000...
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The following inventory-related information is for Magily Company. Year 1 Year 2 Sales $600,000 $700,000 Inventory purchases $420,000 $500,000 Beginning inventory $100,000 ????? Gross profit percentage (Gross profit Sales) 40% 35% Compute ending inventory for Year 1 and for Year 2. Write the dollar amount of each answer. (Do not write a dollar sign).
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