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Compute the estimated inventory at may

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Question - 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

$ 172,600

Purchases (gross)

659,300

Freight-in

31,300

Sales

1,077,700

Sales returns

76,900

Purchase discounts

12,770

(a) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales.

(b) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost.

Reference no: EM131915335

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