Exercise 8-23 Bramble 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 Purchases Freight-in Sales Sales returns Purchase discounts $ 355,000 726,000 52,000 1,290,000 75,500 12,000 Calculate the estimated inventory at May 31, assuming that the gross profit is 25% of sales. Estimated inventory, May 31 $ LINK TO TEXT LINK TO VIDEO Calculate the estimated inventory at May 31, assuming that the markup on cost is 25%. Estimated inventory, May 31 $