Ayayai 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		$ 37,200
Purchases (gross)		179,600
Freight-in		7,600
Sales revenue		273,800
Sales returns		17,600
Purchase discounts		3,000

Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales.

The estimated inventory at May 31

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