Cheyenne 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 $ 161, 900 Purchases (gross) 697,000 Freight-in 31, 400 Sales revenue 924,000 Sales returns 73, 200 Purchase discounts 12, 100 Compute the estimated inventory at May 31, assuming that the gross profit is 40% of net sales. The estimated inventory at May 31 $ Compute the estimated inventory at May 31, assuming that the gross profit is 40% of cost. (Round percentage of sales to? decimal places, e.g. 78.74% and final answer to 0 decimal places, e.g. 0, 225.) The estimated inventory at May 31 $