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Class Exercises 8 Starters S6–14 Magic Carpets began the year with inventory of $1,400,000. Inventory purchases for the year totalled $3,200,000. Sales revenue for the year was $7,000,000, and the gross margin was 45 percent. How much is Magic Carpets’ estimated cost of ending inventory? Use the gross margin method
Exercises E6–11 Kelso Electrical’s inventory records for industrial switches indicate the following at November 30, 2020:

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