The problem involves calculating the estimated inventory of a company based on last year's gross profit percentage.

Here's the given information:

Inventory on January 1: $1,350
Purchases from January 1 to July 23: $4,000
Sales from January 1 to July 23: $6,500
Last year's gross profit percentage: 70%

Thank you for the updated information. Let's carefully calculate the estimated inventory using the given details and last year's gross profit percentage.

### Given Information:

- **Inventory on January 1**: $1,350
- **Purchases from January 1 to July 23**: $4,000
- **Sales from January 1 to July 23**: $6,500
- **Last year's gross profit percentage**: 70%

### Step-by-Step Solution:

1. **Calculate Gross Profit**:
   \[
   \text{Gross Profit} = \text{Sales} \times \text{Gross Profit Percentage}
   \]
   \[
   \text{Gross Profit} = 6,500 \times 0.70 = 4,550
   \]

2. **Calculate the Cost of Goods Sold (COGS)**:
   \[
   \text{COGS} = \text{Sales} - \text{Gross Profit}
   \]
   \[
   \text{COGS} = 6,500 - 4,550 = 1,950
   \]

3. **Calculate the Ending Inventory**:
   \[
   \text{Ending Inventory} = \text{Beginning Inventory} + \text{Purchases} - \text{COGS}
   \]
   \[
   \text{Ending Inventory} = 1,350 + 4,000 - 1,950 = 3,400
   \]

### Conclusion:

The estimated inventory as of July 23 is **$3,400**.

### Would you like more details or have any questions?

### Related Questions:
1. How can the cost of goods sold affect a company’s profit?
2. Why is it important to calculate the gross profit percentage?
3. What is the difference between gross profit and net profit?
4. How can inventory management impact a company's financial statements?
5. What are some other methods to estimate ending inventory?

### Tip:
Understanding gross profit percentage is crucial as it helps in determining the profitability of the company’s products and managing cost control effectively.

Learn how to calculate the estimated inventory of a company using last year's gross profit percentage and specific financial data. This problem covers key concepts in accounting and financial mathematics, including gross profit calculation, cost of goods sold, and inventory management.

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