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Calculate the estimated inventory at May

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Question - Sunland Company Limited, which follows ASPE, uses the gross profit method to estimate inventory for monthly reports. Information follows for the month of May:

Inventory, May 1 $170,000

Purchases 644,000

Freight in 37,000

Sales 1,100,000

Sales returns 70,000

Purchase discounts 18,000

Required - Calculate the estimated inventory at May 31, assuming gross profit is 33% of net sales.

Reference no: EM133071955

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