Ayayal 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 Purchase discounts $ 158,100 665,400 29,700 937,900 69,300 12,900 Part 1 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 $ e Textbook and Media Save for Later Attempts: 0 of 3 used Submit Answer Part 2 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. (Round percentage of sales to 2 decimal places, eg. 78.74% and final answer to O decimal places, e.g. 6,225.) The estimated inventory at May 31 $