Question: Just part B E8.14 (LO 4) (Gross Profit Method) Mark Price Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented

Just part B Just part B E8.14 (LO 4) (Gross Profit Method) Mark Price Company

E8.14 (LO 4) (Gross Profit Method) Mark Price Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Instructions 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

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