I got A right but I got B wrong. Please show your work so I can see where I went wrong!
Mark Price Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of
(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. (Round percentage of sales to 2 decimal
places e.g 78.74% and final answer to 0 decimal places e.g. 6225.)
The estimated inventory at May 31 $ ___________________
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