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 $149,100 683,200 28,700 998,600 76,500 11,000
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 $149,100 683,200 28,700 998,600 76,500 11,000
Chapter1: Financial Statements And Business Decisions
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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
$149,100
683,200
28,700
998,600
76,500
11,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2ba58301-c9a3-4da3-8531-6263856f8e77%2F8c360dce-5b92-4c1c-8599-fc548cea84ac%2F4ph76o_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Current Attempt in Progress
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
$149,100
683,200
28,700
998,600
76,500
11,000
![Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. (Round percentage of sales to 2 decimal
places, e.g. 78.74% and final answer to O decimal places, e.g. 6,225.)
The estimated inventory at May 31
LA](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2ba58301-c9a3-4da3-8531-6263856f8e77%2F8c360dce-5b92-4c1c-8599-fc548cea84ac%2Fuck4ch_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. (Round percentage of sales to 2 decimal
places, e.g. 78.74% and final answer to O decimal places, e.g. 6,225.)
The estimated inventory at May 31
LA
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