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AlladinOne [14]
3 years ago
12

Crane 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 $ 162,000
Purchases (gross) 637,500
Freight-in 28,600
Sales revenue 1,031,100
Sales returns 69,600
Purchase discounts 11,500
(a) Compute the estimated inventory at May 31, assuming that the gross profit is 30% of sales.
(b) Compute the estimated inventory at May 31, assuming that the gross profit is 30% of cost.
Business
1 answer:
MakcuM [25]3 years ago
4 0

Answer:

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Explanation:

hello exd drxrxrcrcrcrcrcrcggggg

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