Sarasota 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 (a) $165,900 (b) 633,400 30,300 998,100 64,700 11,400 Your answer is correct. Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales. The estimated inventory at May 31 $ eTextbook and Media 118150 The estimated inventory at May 31 $ Attempts: unlimited Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. (Round percentage of sales to 2 decimal places, eg. 78.74% and final answer to O decimal places, e.g. 6,225.)

Sarasota Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. (a) 'Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales. The estimated inventory at May 31 (b) Compute the estimated inventory at May 31, assuming that the eross profit is 25% of cost. (Round percentage of sales to 2 decimal places, es. 78.74% and final answer to 0 dedmal ploces, es. 6,225) The estimated inventory at May 31