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 Sales revenue Sales returns Purchase discounts (a) $170,600 689,500 29,300 975,600 75,600 11,000 Your answer is correct. Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost

please answer b

Blossom Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. (a) Your answer is correct. Compute the estimated inventory at May 31 , assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 Compute the estimated inventory at May 31 , assuming that the gross profit is 25% of cost. (Round percentage of sales to 2 decimal ploces, es. 78.74% and finat answer to 0 decimal ploces, e g. 6.225 .1 The estimated inventory at May 31 \$ eTextbook and Media Attempts: 1 of 2 used Using multiple attempts will impsct your score: 20% score reduction after attempt 1 Blossom Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. (a) Your answer is correct. Compute the estimated inventory at May 31 , assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 Compute the estimated inventory at May 31 , assuming that the gross profit is 25% of cost. (Round percentage of sales to 2 decimal ploces, es. 78.74% and finat answer to 0 decimal ploces, e g. 6.225 .1 The estimated inventory at May 31 \$ eTextbook and Media Attempts: 1 of 2 used Using multiple attempts will impsct your score: 20% score reduction after attempt 1