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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 below is information for the month of May Compute the estimated inventory 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 decimol places, es. 78.74\% and final answer to 0 decimal places, eg. 6.225. The estimated irventory at May 31

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