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Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Flint Inventory, May 1 Purchases (gross) Freight-in 2 Sales revenue Sales returns Purchase discounts (a) $ 174,600 607,000 29,300 983.300 67,700 12,700 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 $

Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Flint Inventory, May 1 Purchases (gross) Freight-in 2 Sales revenue Sales returns Purchase discounts (a) $ 174,600 607,000 29,300 983.300 67,700 12,700 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 $

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Flint 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 (a) $174,600 607,000 29,300 983,300 67,700 12,700 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 $
Transcribed Image Text:Flint 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 (a) $174,600 607,000 29,300 983,300 67,700 12,700 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 $
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