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Exercise 8-24 (Part Level Submission) Sheffield Company Limited uses the gross profit method to estimate inventory for monthly reports. Information follows for the month of

Exercise 8-24 (Part Level Submission)

Sheffield Company Limited uses the gross profit method to estimate inventory for monthly reports. Information follows for the month of May:

Inventory, May 1$361,000

Purchases716,000

Freight-in52,000

Sales1,350,000

Sales returns75,000

Purchase discounts11,100

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

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