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

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Accounting

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Shamrock 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 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts $ 162,100 691,300 30,800 1,041,700 65,900 12,500 (b) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. (Round percentage of sales to 2 decimal places, e.g. 78.74% and final answer to decimal places, eg. 6,225.) The estimated inventory at May 31 $ $ Save for Later Attempts: 0 of 2 used Submit

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