Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales. (b) The estimated inventory at May 31 Show Transcribed Text The estimated inventory at May 31 eTextbook and Media Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. (Round percentage of sales to 2 decimal ploces, eg. 78.74% and final answer to O decimal places, eg. 6,225.) Sove for Later $ $ G (+ Attempts: unlimited Submit Answer

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.