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kingbird company uses the gross profit method to estimate inventory for monthly reporting purposes. presented...

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Accounting

kingbird 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 $149,100

purchases (gross) 683,200

freight-in 28,700

sales revenue 998,600

sales returns 76,500

purchase discounts 11,000

a, compute the estimated inventory at May 31, assuming that the gross profit is 25%of sales

b, compute the estimated inventory at May 31, assuming that the gross profit is 25%of cost?

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