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Sarasota Company uses the gross profnt method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May nventory, May1
Sarasota Company uses the gross profnt method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May nventory, May1 $162,000 Purchases (gross 637,500 Freight-in Sales revenue 1 Sales returns Purchase discounts 11,500 28,600 1,031,100 69,600 Compute the estimated inventory at May 31, assuming that the gross profit is 20% of cost. (Round percentage of sales to 2 decimal places, eg. 78.74% and final answer to 0 decimal places, e.g. 6,225.) $ The estimated inventory at May 31 eTextbook and Media Attempts: 0 of 3 used Save for LaterC Check
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