$1.$ Compute the estimated inventory at May $31,$ assuming that the gross profit is $25\%$ of cost$.$ Skysong Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May $1$ Purchases $($gross$)$ Freight$-$in Sales revenue Sales returns $ $162,100691,30030,8001,041,70065,90012,500$ Purchase discounts