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Exercise 9-14 Nash Company uses the gross profit method to estimate inventory for monthly reporting purposes....

Exercise 9-14

Nash 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 $ 145,400
Purchases (gross) 658,600
Freight-in 27,700
Sales revenue 990,600
Sales returns 76,300
Purchase discounts 11,900
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Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales.
The estimated inventory at May 31 $enter the dollar amount of the estimated inventory at May 31

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Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. (Round percentage of sales to 2 decimal places, e.g. 78.74% and final answer to 0 decimal places, e.g. 6,225.)
The estimated inventory at May 31 $enter the dollar amount of the estimated inventory at May 31
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