PRINTER VERSION Exercise 9-14 (Part Level Submission) Riverbed Company uses the gross profit method to...
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PRINTER VERSION Exercise 9-14 (Part Level Submission) Riverbed 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 $ 171,100 686,700 28,700 1,067,400 63,300 11,300 (a) (b) Compute the estimated Inventory at May 31, assuming that the gross profit is 30% of cost. (Round percentage of sales to 2 decimal places, e.g. 78.74 answer to o decimal places, e.g. 6,225.) The estimated inventory at May 31
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