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 Purchases (gross) Freight-in $ 159,500 593,300 32,900 974,400 75,900 10,800 Sales revenue Sales returns Purchase discounts (a) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 $