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Problem 5-10AB Gross profit method LO P4 Wayward Company wants to prepare interim financial statements for the first quarter. The company wishes to avoid making a physical count of inventory. Wayward's gross profit rate averages 40%. The following information for the first quarter is available from its records Required: Use the gross profit method to estimate the company's first quarter ending inventory..

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Problem 5-10AB Gross profit method LO P4 Wayward Company wants to prepare interim financial statements for the first quarter. The company wishes to avoid making a physical count of inventory. Wayward's gross profit rate averages 40%. The following information for the first quarter is available from its records Required: Use the gross profit method to estimate the company's first quarter ending inventory.

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