Exercise 9-14 Monty Company uses the gross profit method to estimate inventory for monthly reporting...
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Exercise 9-14 Monty Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May s 145,400 658,600 27,700 990,600 76,300 11,900 Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts Compute the estimated inventory at May 31, assuming that the gross profit is 35% of net sales The estimated inventory at May 31 LINK TO TEXT VIDEO: SIMILAR EXERCISE Compute the estimated inventory at May 31, assuming that the gross profit is 35% of cost. (Round percentage of sales to 2 decimal places, eg, 78.74% and final answer to 0 decimal places, e.g. 6,225.) The estimated inventory at May 31 Click if you would like to Show Work for this question: Open Show Work
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