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Compute the estimated inventory

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Mark Price 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 $ 177,100
Purchases (gross) 642,400
Freight-in 30,100
Sales revenue 1,052,000
Sales returns 81,600
Purchase discounts 12,500

(a) Compute the estimated inventory at May 31, assuming that the gross profit is 30% of sales.

(b) Compute the estimated inventory at May 31, assuming that the gross profit is 30% 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.)

Reference no: EM131824368

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