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

Bridgeport Company Limited, which follows ASPE, uses the gross profit method to estimate inventory for monthly reports. Information follows for the month of May: Inventory, May 1 Purchases Freight-in Sales Sales returns Purchase discounts $ 367,000 726,000 52,000 1.270,000 75,800 12,300