Estimated Inventory Assignment
February 19th, 2020
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 | $ 171,200 | |
| Purchases (gross) | 596,600 | |
| Freight-in | 28,400 | |
| Sales revenue | 957,000 | |
| Sales returns | 64,700 | |
| Purchase discounts | 12,300 |
Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales.
| The estimated inventory at May 31 | $enter the dollar amount of 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 0 decimal places, e.g. 6,225.)
| The estimated inventory at May 31 | $enter the dollar amount of the estimated inventory at May 31 |
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