Blue Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. (a) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales. The estimsted inventory at May 31 (b) Your answer is incorrect. Compute the estimated inventory at May 31 , assuming that the gross profit is 25% of cost. (Round percentage of sales to 2 decimal ploces, es. 78.74\% and final answer to 0 decimal ploces eg. 6,225) The estimated imventory at May 31 eTextbook and Media AssistanceUsed eTexthook video Blue Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. (a) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales. The estimsted inventory at May 31 (b) Your answer is incorrect. Compute the estimated inventory at May 31 , assuming that the gross profit is 25% of cost. (Round percentage of sales to 2 decimal ploces, es. 78.74\% and final answer to 0 decimal ploces eg. 6,225) The estimated imventory at May 31 eTextbook and Media AssistanceUsed eTexthook video