Bridgeport 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 $146,400 Purchases (gross) 581,500 Freight-in 27,800 Sales revenue 917.100 Sales returns 69.300 Purchase discounts 12.200 Your answer is correct. Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales. (b) The estimated inventory at May 31 $ eTextbook and Media 107,650 Attempts: 1 of 3 used 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 $