calculated the estimated inventory at May 31, assuming that the markup on cost is 25%

Bridgeport Company Limited, which follows ASPE, uses the gross profit method to estimate inventory for monthly reports. Information follows for the month of May: $ 367,000 726,000 52.000 Inventory, May 1 Purchases Freight-in Sales Sales returns Purchase discounts 1.270,000 75,800 12,300