[ Other - Business & Finance ] Open Question : On March 1, KB Shop had $450,000 of inventory at cost. In the first quarter of the year, it purchased $1,590,0?

On March 1, KB Shop had $450,000 of inventory at cost. In the first quarter of the year, it purchased $1,590,000 of merchandise, returned $23,100, and paid freight charges of $37,600 on purchased merchandise, terms FOB shipping Use the gross profit method to estimate its cost of inventory at the end of the first quarter.

Source: http://answers.yahoo.com/question/index?qid=20120418085914AA2Kxe2

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