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Problem #2 Schmidt Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May

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Problem #2 Schmidt 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 $ 40,000 Purchases (grow) 160.000 Sales 250,000 Instructions Compute the estimated inventory at May 31, assuming that the gross profit is 30% of sales

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