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Sheffield Company Limited uses the gross profit method to estimate inventory for monthly reports. Information...

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Accounting

Sheffield Company Limited uses the gross profit method to estimate inventory for monthly reports. Information follows for the month of May:

Inventory, May 1 $ 361,000
Purchases 716,000
Freightin 52,000
Sales 1,350,000
Sales returns 75,000
Purchase discounts

11,100

Calculate the estimated inventory at May 31, assuming that the markup on cost is 25%.

Estimated inventory, May 31

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