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 $163,800 Purchases (gross) 651,200 Freight-in 29,500 Sales revenue 925,900 Sales returns 66,700 Purchase discounts 11,300 (a) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales. The estimated inventory at May 31 $