Furlana Company Limited uses the gross profit method to estimate

Furlana Company Limited uses the gross profit method to estimate inventory for monthly reports. Information follows for the month of May:
Furlana Company Limited uses the gross profit method to estimate

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.

Related Book For answer-question

Intermediate Accounting

10th Canadian Edition, Volume 1

Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,

ISBN: 978-0176509736

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