Preparing an interim departmental statement of gross profit The following data are obtained from the accounting records of Willow Glen Interior Design on May 31 of the current year. Estimated merchandise inventory forms and statement paper are provided in the Working Papers. Your instruc tor will guide you through the following examples. Kitchen Bath Beginning Inventory, January 1 $110,000.00 $84,000.00 Estimated Beginning Inventory, May 1 111,426.00 87,072.00 Net Purchases, January 1 to April 30 42,500.00 30,100.00 Net Sales, January 1 to April 30 78,600.00 52,300.00 Net Purchases for May 8,300.00 5,400.00 Net Sales for May 20,200.00 8,400.00 Estimated Gross Profit Percentage 48.0% 45.0% 1. Prepare an estimated merchandise inventory sheet for each department for the month ended May 31. 2. Prepare an interim departmental statement of gross profit for the month ended May 31. Calculate and record component percentages for cost of merchandise sold and gross profit on operations. Round percentage calcula- tions to the nearest 0.196