Pearl Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented...
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Pearl 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 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts $156,000 663,700 31,500 1,061,800 72,100 13,100 Compute the estimated inventory at May 31, assuming that the gross profit is 30% of net sales. The estimated inventory at May 31 s LINK TO TEXT VIDEO: SIMILAR EXERCISE Compute the estimated inventory at May 31, assuming that the gross profit is 30% 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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