On July 1, 2012, in connection with a recapitalization of Yorktown Corporation, Robert Moore exchanged 1,000 shares of stock which cost him $95,000 for 1,000 shares of new stock worth $108,000 and bonds in the principal amount of $10,000 with a fair
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Based on the following data, estimate the cost of the ending merchandise inventory: Sales (net) $1,450,000 Estimated gross profit rate 42% Beginning merchandise inventory $100,000 Purchases (net) 860,000 Merchandise available for sale $960,000 Cost
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