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

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Accounting

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Cullumber 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 imventory at May 31 eTextbook and Media Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. (Round percentege of sales to 2 decimal places, e. 8.78.74% and fnal answer to o decimal places, e.s. 6,225.) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. (Round percentoge of sales to 2 decimal places, e.g. 78.74\% and final answer to 0 decimal places, e.8. 6.225.) The estimated inventory at May 31 eTextbook and Media

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