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Proctor & Gamble Company AC 550 Project 2 Part 1 Gross Profit Method Gross Profit of Sales Beginning Inventory (at cost) $100,000 Net Purchases (at cost) 400,000 Goods available at cost 500,000 Sales $400,000 Less: Gross profit (25% of 400,000) 100,000 Sales (at cost) 300,000 Approximate inventory at cost $200,000 Gross Profit of Cost of.
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