Exercise 8-24 Monty Company Limited uses the gross profit method to estimate inventory for monthly reports. Information follows for the month of May: Inventory, May 1 $370,000 Purchases Freight-irn Sales Sales returns Purchase discounts 12,600 713,000 50,000 1,330,000 76,900 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 $ LINK TO TEXT