Exercise 9-14 Crane 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 $ 162,000 Purchases (gross) 637,500 Freight-in 28,600 Sales revenue 1,031,100 Sales returns 69,600 Purchase discounts 11,500

Incorrect answer. Your answer is incorrect. Try again. Compute the estimated inventory at May 31, assuming that the gross profit is 20% of net sales.

The estimated inventory at May 31 $Entry field with incorrect answer 239775

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Incorrect answer. Your answer is incorrect. Try again. Compute the estimated inventory at May 31, assuming that the gross profit is 20% of cost. (Round percentage of sales to 2 decimal places, e.g. 78.74% and final answer to 0 decimal places, e.g. 6,225.)

The estimated inventory at May 31 $Entry field with incorrect answer Click if you would like to Show Work for this question: Open Show Work