Riverbed 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 $ 145,400 Purchases (gross) 658,600 Freight-in 27,700 Sales revenue 990,600 Sales returns 76,300 Purchase discounts 11,900

Question 4 View Policies Show Attempt History Current Attempt in Progress Riverbed 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 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts $ 145,400 658,600 27,700 990.600 76,300 11.900 Part 1 X Your answer is incorrect. Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 $ 133,675 e Textbook and Media Save for Later Attempts: 1 of 3 used Submit Answer Part 2 X Your answer is incorrect. Compute the estimated inventory at May 31, assuming that the gross profit is 25% 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 $ 87,960 e Textbook and Media Save for Later Attempts: 1 of 3 used Submit