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

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Accounting

Buffalo Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information fo rthe month of May. Inventory May 1171,200 Purchases (groiss)596,600 Freight in 28,400 Sales Revenue 957,000 Sales Retruns 64,700 Purchase disocyunts 12,300 Compute the estimated inventory at may 31 assuming the gross profit is 25% of sales compute the estimated inventory at may 31 assuming that the gross profit is 25% of cost

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