Current Attempt in Progress Blossom Company Limited, which follows ASPE, uses the gross profit method to estimate inventory for monthly reports. Information follows for the month of May: Inventory, May 1 $161,000 Purchases 645,000 Freight in 36,000 Sales 1,060,000 Sales returns 79,000 Purchase discounts 19,000 Calculate the estimated inventory at May 31, assuming gross profit is 35% of net sales. Estimated ending inventory 69 $