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    Apr 9, 2012, 05:06 PM
    Accounting
    Ernst Equipment Co. wants to prepare interim financial statements for the first quarter. The company
    Wishes to avoid making a physical count of inventory. Ernst’s gross profit rate averages 30%. The
    Following information for the first quarter is available from its records:

    January 1 beginning inventory.. . $ 752,880
    Cost of goods purchased.. . 2,159,630
    Sales.. . 3,710,250
    Sales returns.. . 74,200

    Use the gross profit method to estimate the company’s first quarter ending inventory.

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