Exercise 8-24 Ayayai Company Limited uses the gross profit method to estimate inventory for monthly reports. Information follows for the month of May: Inventory, May 1 350,000 Purchases Freight-in Sales Sales returns Purchase discounts 710,000 50,000 1,250,000 75,000 11,000 Calculate the estimated inventory at May 31, assuming that the gross profit is 25% of sales. Estimated inventory, May 31 $ LINK TO TEXT Calculate the estimated inventory at May 31, assuming that the markup on cost is 25%. Estimated inventory, May 31 $