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# Sarasota Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below...

## Question

###### Sarasota Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below...

Sarasota Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. \$148,700 Inventory, May 1 Purchases (gross) 678,400 30,500 Freight-in Sales revenue 1,095,000 Sales returns 70,300 Purchase discounts 11,800 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 \$ eTextbook and Media 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 O decimal places, e.g. 6,225.) \$ The estimated inventory at May 31

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