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Astaire company uses the gross profit method to estimate

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Astaire Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May.

Inventory, May 1
$161,500
Purchases (gross)
642,200
Freight-in
30,700
Sales
1,075,800
Sales returns
81,000
Purchase discounts
12,960

Reference no: EM13570323

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