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

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Accounting

Buffalo Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information
for the month of May.Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales.
The estimated inventory at May 31 $
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Your answer is incorrect.
Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost.(Round percentage of sales to 2 decimal
places, e.g.78.74% and final answer to 0 decimal places, e.g.6,225.)
The estimated inventory at May 31 $
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