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Exercise 6-12 Estimating ending inventory-gross profit method LO6 On January 1, The Parts Store had...

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Exercise 6-12 Estimating ending inventory-gross profit method LO6 On January 1, The Parts Store had a $470,000 inventory at cost. During the first quarter of the year, it purchased $1,610,000 of the store's gross profit on sales has averaged 20%. Under the assumption the store had $2,020,000 of sales during the first quarter of

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