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Cheyenne Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Compute the estimated imventory at May 31. assuming that the gross profit is 25% of sales. The estimated inventory at May 31 eTextbook and Media Attempts: 2 of 5u (b) Your anwwer is incorred. Combine the extimated inveritory at May 31, assuming that the gross proht is 25% of cost. (Reinnd percentiage of sales to 2 decimal pleces, f.8,78.74\% and final answer to 0 decimal ploces, es. 6,225.1 Tie estimated inventery at May 31 \$