Question: 1. Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. Skysong Company uses the gross profit method to

1. Compute the estimated inventory at May 31, assuming that the

1. Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost.

Skysong 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 $ 162,100 691,300 30,800 1,041,700 65,900 12,500 Purchase discounts

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