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Compute the estimated inventory at May

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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.

Reference no: EM132561003

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