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On January 1, Nurse Corp. has $55,000 of inventory. For the first three months of...

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Accounting

On January 1, Nurse Corp. has $55,000 of inventory.

For the first three months of the year, Nurse's records indicate $176,000 of net purchases and $271,000 of sales revenue. Nurse customarily sells inventory at a markup of 82% above cost.

Using the gross profit method, what is the estimated value of inventory at March 31?

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