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Waterway Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. (a) Your

image text in transcribed Waterway Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. (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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