00 $160,000 Mark Price Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. CODE Inventory, May 1 000 Purchases (gross) 640,000 Canon muovis worn bon Freight-in 30,000 SO Sales revenue briosos e 1,000,000 berlupar com JOS Sales returns ya viononte 70,000 V s babove Purchase discounts 12,000 SOS Tadmuo ng OSOS 18 Dupine Required (show all your calculations): inutmntr b 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