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Calculate the estimated inventory at may

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Question - Sheffield Company Limited uses the gross profit method to estimate inventory for monthly reports. Information follows for the month of May:

Inventory, May 1 $361,000

Purchases 716,000

Freight-in 52,000

Sales 1,350,000

Sales returns 75,000

Purchase discounts 11,100

Calculate the estimated inventory at May 31, assuming that the markup on cost is 25%.

Reference no: EM132161454

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