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 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts $ 159,500 593,300 32,900 974,400 75,900 10,800 Compute the estimated Inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated Inventory at May 31s LINK TO TEXT LINK TO VIDEO 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.. 78.74% places, .g. 6,225.) The estimated Inventory at May 31s Click if you would like to Show Work for this question Open Show Works