Coronado Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. What is the value of ending inventory assuming: a) assuming that the gross profit is 30% of net sales. b) assuming that the gross profit is 30% of cost Inventory, May 1 $ 163,800 Purchases (gross) 651,200 Freight-in 29,500 Sales revenue 925,900 Sales returns 66,700 Purchase discounts 11,300