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

Mark Price 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 $ 164,700

Purchases (gross) 651,400

Freight-in 31,400

Sales revenue 1,064,600

Sales returns 82,400

Purchase discounts 13,020

Compute the estimated inventory at May 31, assuming that the gross profit is 30% of sales

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