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The answer given for mini excercise question no. 2 is 58,333. I think it is not a correct answer.
My answer is 39,000.
Beg Inv + Purchase – CGS = End Inv.
X+400,000-(450,000/1.15)=1.3X
400,000-391,000=13.X-X
9,000=0.3X
X=30,000
End inv. = 1.3 Beg Inv = 30,000X1.3 = 39,000
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