Coronado 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 $156,000 Purchases (gross) 663,700 Freight-in 31,500 Sales revenue 1,061,800 Sales returns 72,100 Purchase discounts 13,100 (a) Your Answer Correct Answer Your answer is correct. Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. (b) The estimated inventory at May 31 eTextbook and Media Solution $ 95825 Attempts: 3 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, e.g. 78.74% and final answer to O decimal places, e.g. 6,225.) The estimated inventory at May 31 $