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Question - Sarasota 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$ 146,400
Purchases (gross) 581,500
Freight-in 27,800
Sales revenue 917,100
Sales returns 69,300
Purchase discounts 12,200
Required -
1. Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales.
2. Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost.
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