question archive Company uses the gross profit method to estimate inventory for monthly reporting purposes
Company uses the gross profit method to estimate inventory for monthly reporting purposes
Subject:AccountingPrice: Bought3
Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. 174,600 Inventory, May 1 Purchases (gross) 607,000 Freight-in 29,300 Sales revenue 983,300 Sales returns 67,700 Purchase discounts 12,700 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 $ LINK TO T?XT LINK TO VIDEO Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. (Round percentage of sales to 2 decimal places, e.g. 78.74% and final answer to 0 decimal places, e.g. 6,225.) The estimated inventory at May 31 $ Open Show Work Click if you would like to Show Work for this question:
