Question $4$ of $6$

$\frac{0}{1}$

Sheridan 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,$$$156,000$

Purchases $($gross$),576,100$

Freight$-$in $29,300$

Sales revenue $,998,400$

Sales returns $,72,100$

Purchase discounts $,11,900$

$($a$)$

Your answer is incorrect.

Compute the estimated inventory at May $31,$ assuming that the gross profit is $25\%$ of sales.

$($a$)$

Your answer is incorrect.

Compute the estimated inventory at May $31,$ assuming that the gross profit is $25\%$ of sales.

The estimated inventory at May $31$

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