E9-12
Astaire 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 | 172,000 |
| Purchases (gross) | 643,800 |
| Freight-in | 30,500 |
| Sales | 1,091,300 |
| Sales returns | 76,800 |
| Purchase discounts | 12,320 |
Instructions:
(a) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales.
(b) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost.
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