Sandhill 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 Purchases (gross) Freight in Sales revenue Sales returns Purchase discounts (a) $156,000 576,100 29,300 998.400 72,100 (b) 11.900 Your answer is correct Compute the estimated Inventory at May 31, assuming that the gross profit is 25% of sales The estimated inventory at May 31 $ eTextbook and Media The estimated inventory at May 31 Assistance Used Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost Round percentage of sales to 2 decimal places, eg 78.74% and final answer to 0 decimal places, eg 6,225) $ Attempts: 1 of 12 used
Sandhill 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 Purchases (gross) Freight in Sales revenue Sales returns Purchase discounts (a) $156,000 576,100 29,300 998.400 72,100 (b) 11.900 Your answer is correct Compute the estimated Inventory at May 31, assuming that the gross profit is 25% of sales The estimated inventory at May 31 $ eTextbook and Media The estimated inventory at May 31 Assistance Used Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost Round percentage of sales to 2 decimal places, eg 78.74% and final answer to 0 decimal places, eg 6,225) $ Attempts: 1 of 12 used
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter13: Accounting For Merchandise Inventory
Section: Chapter Questions
Problem 1MP: Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2,...
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![Sandhill 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
Purchases (gross)
Freight in
Sales revenue
Sales returns
Purchase discounts
(a)
$156,000
576,100
(b)
29,300
998,400
72,100
11.900
Your answer is correct
Compute the estimated Inventory at May 31, assuming that the gross profit is 25% of sales
The estimated inventory at May 31 $
eTextbook and Media
The estimated inventory at May 31
54775
$
Assistance Used
Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost Round percentage of sales to 2 decimal
places, eg 78.74% and final answer to 0 decimal places, eg 6,225)
Attempts: 1 of 12 used](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F48fedc96-a7b4-44bf-ad0f-752a2eb43d19%2Fcb53d016-d608-46d6-816f-07b682a0d498%2F5xz05wk_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Sandhill 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
Purchases (gross)
Freight in
Sales revenue
Sales returns
Purchase discounts
(a)
$156,000
576,100
(b)
29,300
998,400
72,100
11.900
Your answer is correct
Compute the estimated Inventory at May 31, assuming that the gross profit is 25% of sales
The estimated inventory at May 31 $
eTextbook and Media
The estimated inventory at May 31
54775
$
Assistance Used
Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost Round percentage of sales to 2 decimal
places, eg 78.74% and final answer to 0 decimal places, eg 6,225)
Attempts: 1 of 12 used
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