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Midlife Corp. is in the process of preparing its financial statements as at May 31, 2016. It has a consistent mark-up of 200% on goods it sells. The following information is available for the five months ended May 31:
|
Opening inventory |
$ 10,000 |
|
Net purchases |
140,000 |
|
Sales |
250,000 |
Required: Estimate the cost of ending inventory at May 31.
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