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Bonita Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Compute ending

Bonita Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May.

Compute ending inventory assuming gross profit is 25% of cost.

Inventory, May 1 $ 165,300

Purchases (gross) 619,800

Freight-in 30,100

Sales revenue 940,00

Sales returns 68,700

Purchase discounts 11,600

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