WAL Current Attempt in Progress Sweet Company uses the gross profit method to estimate inventory...
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WAL Current Attempt in Progress Sweet 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 (grass) Freight-in Sales revenue Sales returns Purchase discounts $ 174,100 688.900 27,300 995,000 73,400 11,600 Your answer is incorrect. Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 $ Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. (Round percentage of sales to 2 decimal places, eg. 78.74% and final answer to decimal places, eg. 6,225.) - The estimated inventory at May 31 $
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