Current Attempt in Progress Martinez 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 $146,400 Purchases (gross) 581,500 Freight-in 27,800 Sales revenue 917,100 Sales returns 69,300 Purchase discounts 12,200 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 $ eTextbook and Media 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.g. 78.74% and final answer to O decimal places, e.g. 6,225.) The estimated inventory at May 31 $