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If the estimated rate of gross profit is 30%, what is the estimated cost of...

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Accounting

If the estimated rate of gross profit is 30%, what is the estimated cost of the inventory on September 30, based on the following data? Date Line Item Description Cost Sep. 1 Inventory (at cost) $88,515 Sep. 1-30 Purchases, net (at cost) 165,000 Sep. 1-30 Sales 121,200

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