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State Technology began the year with inventory of $270,000 and purchased $1,860,000 of goods during the year. Sales for the y

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Answer #1
Ans. Particulars Amount Amount
Beginning inventory $270,000
Purchases $1,860,000
Cost of goods available $2,130,000
Estimated cost of goods sold :
Net sales   $3,910,000
Less: Estimated gross profit -$2,346,000
Estimated cost of goods sold $1,564,000
Estimated cost of ending inventory $566,000
*Calculations:
*Estimated gross profit = Net sales * 60%
$3,910,000 * 60%
$2,346,000
*Estimated cost of ending inventory = Cost of goods available - Estimated cost of goods sold
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