Question

Furlana Company Limited uses the gross profit method to estimate inventory for monthly reports. Information follows for the month of May:
Instructions
(a) Calculate the estimated inventory at May 31, assuming that the gross profit is 25% of sales.
(b) Calculate the estimated inventory at May 31, assuming that the markup on cost is 25%. Round the gross profit percentage to two decimal places.


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  • CreatedSeptember 18, 2015
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