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Compute the estimated inventory at May

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Question - Flint 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 $161,900

Purchases (gross) 697,000

Freight-in 31,400

Sales revenue 924,000

Sales returns 73,200

Purchase discounts 12,100

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

Reference no: EM132591286

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