Current Attempt in Progress Grouper 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 $ 350,000 Purchases 714,000 52,000 Freight-in Sales 1.260.000 Sales returns 76,500 Purchase discounts 11.200 Calculate the estimated inventory at May 31, assuming that the gross profit is 25% of sales. Estimated inventory. May 31 $ Purchase discounts 11.200 Calculate the estimated inventory at May 31, assuming that the gross profit is 25% of sales. Estimated inventory, May 31 $ Calculate the estimated inventory at May 31, assuming that the markup on cost is 25% Estimated Inventory, May 31 $