Problem: Bridgeport 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$ 162,100
Purchases (gross) 691,300
Freight-in 30,800
Sales revenue 1,041,700
Sales returns 65,900
Purchase discounts 12,500
Required:
Q1. Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales.
Q2. Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost.
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