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Bonita Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented...

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Accounting

Bonita Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Compute ending inventory assuming gross profit is 25% of sales.

Inventory, May 1 $ 165,300
Purchases (gross) 619,800
Freight-in 30,100
Sales revenue 940,00
Sales returns 68,700
Purchase discounts 11,600

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