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Astaire company uses the gross profit method to estimate

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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
$178,400
Purchases (gross)
642,100
Freight-in
30,700
Sales
1,011,200
Sales returns
76,300
Purchase discounts
12,170

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

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

Reference no: EM13376685

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