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

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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