Wade Company prepares monthly financial statements and uses the gross profit method to estimate ending...
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Wade Company prepares monthly financial statements and uses the gross profit method to estimate ending inventories. Historically, the company has had a 40% gross profit rate. During June, net sales amounted to $60,000; the beginning inventory on June 1 was $18,000; and the cost of goods purchased during June amounted to $27,000. The estimated cost of Wade Company's inventory on June 30 is Question 20 options: 1) $24,000. 2) $9,000. 3) $36,000. 4) $15,000.
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