Crane 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 $167,300 Purchases (gross) 580,800 Freight-in 32,100 Sales revenue 979,300 Sales returns 73,300 Purchase discounts 11,300 (a) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales. (b) The estimated inventory at May 31 $ eTextbook and Media Save for Later Attempts: 0 of 3 used. Submit Answer The parts of this question must be completed in order. This part will be available when you complete the part above.