a) calculate the estimated inventory at may 31, assuming that gross profit is 25% of sales

b) calculate estimated inventory at may 31, assuming markup on cost is 25%

Exercise 8-23 Whispering Winds Company Limited, which follows ASPE, uses the gross profit method to estimate inventory for monthly reports. Information follows for the month of May: Inventory, May 1 Purchases Freight-in Sales Sales returns Purchase discounts $ 359,000 723,000 51,000 1,270,000 75,600 12,100 Calculate the estimated inventory at May 31, assuming that the gross profit is 25% of sales. Estimated inventory, May 31 $ LINK TO TEXT LINK TO VIDEO Calculate the estimated inventory at May 31, assuming that the markup on cost is 25%. Estimated inventory, May 31 $