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Question - Kingbird 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 $174,600
Purchases (gross) 607,000
Freight-in 29,300
Sales revenue 983,300
Sales returns 67,700
Purchase discounts 12,700
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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