Ivanhoe 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 - 159,500 Purchases (gross) - 593,300. Freight in 32,900 Sales revenue. 974,400. Sales return. 75,900. Purchases discount. 10,800. Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales. The estimated inventory at May 31 is what?
Ivanhoe 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 - 159,500 Purchases (gross) - 593,300. Freight in 32,900 Sales revenue. 974,400. Sales return. 75,900. Purchases discount. 10,800. Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales. The estimated inventory at May 31 is what?
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With the following information, Compute the esitmated inventory at May 31,assuming that the gross profit is 25% cost?
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