Business, 21.04.2020 01:38 khalaflaf2684

Shamrock 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 $ 161,900
Purchases (gross) 697,000
Freight-in 31,400
Sales revenue 924,000
Sales returns 73,200
Purchase discounts 12,100

Compute the estimated inventory at May 31, assuming that the gross profit is 40% of net sales

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Shamrock Company uses the gross profit method to estimate inventory for monthly reporting purposes....

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