2 (continued) (c) SPD uses gross profit method to estimate inventory from monthly reporting purpose. Presented below is information for the month of March. Inventory, 1 March Purchases (gross) Freight in Sales Sales returns Purchase discounts $ 68,829 39,200 8,000 98,000 11,000 9,000 Compute the estimated inventory at 31 March, assuming that the gross profit is 25% of cost. (9 marks)