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Blossom Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May
Blossom 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 $ 174,600 607,000 29,300 983,300 67,700 12,700 Sales revenue Sales returns Purchase discounts (a) Compute the estimated inventory at May 31, assuming that the gross profit is 20% of net sales. The estimated inventory at May 31
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