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A company needs to estimate its ending inventory using the

A company needs to estimate its ending inventory. Using the data below, computeThe Company’s estimated cost of ending inventory for the month of April. Explain how you reached your answer.

Beginning inventory May 1 ........ $ 2,000

Purchases for May ........... 12,000

Retail sales during May ......... 13,000

Normal gross profit average............................... 40%

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