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

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Accounting

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Flint Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented belowis information for the month of May Compute the estimated imentory at May 31 assuming that the gross profit is 25% of sales. The estimated inventory at May 31 Compute the estimated inventory at May 31 , assuming that the gross profit is 25% of cost (Round percentage of sales to 2 decimst The estimated inwentoryat Mayat

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