Business, 29.04.2021 19:30 valerrry

Flounder 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 $ 167,300 Purchases (gross) 580,800 Freight-in 32,100 Sales revenue 979,300 Sales returns 73,300 Purchase discounts 11,300 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales.

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

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