0.5/1 IL! VIEW PORN Show Attempt History Current Attempt in Progress Cheyenne Company uses the gross profit method to estimate inventory for monthly reporting purposes Presented belowls information for the month of May. Inventory, May 1 $ 165,900 Purchases (gross) 633,400 Freight-in 30,300 Sales revenue 998.100 Sales returns 64.700 Purchase discounts 11,400 (a) Your answer is correct Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales The estimated inventory at May 31 118150 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. $ 118150 The estimated inventory at May 31 e Textbook and Media Attempts: 1 of 3 used (6) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. (Round percentage of sales to 2 decimal places.es. 78.74% and final answer to decimal places, 28. 6,225.) 5 The estimated inventory at May 31 e Textbook and Media Attempts: 0 of 3 used Submit Answer Save for later