Exercise 8-23 (Part Level Submission) Culver 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 $ 360,000 715,000 52,000 1,340,000 76,300 12,300 Sales returns Purchase discounts (a) 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 Attempts: 0 of 3 used