At the beginning of 2020, Way Hardware has an inventory of Rs. 600,000. Because sales growth was strong during 2020, the owner wants to increase inventory on hand to Rs. 700,000 at December 31, 2020. If net sales for 2020 are expected to be Rs.1,600,000, and the gross profit rate is expected to be 35%, compute the cost of the merchandise the owner should expect to purchase during 2020.

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A: To determine the cost of the merchandise Midway Hardware should expect to purchase during 2018, we…