Exercise 9-14 Blossom Company uses the gross profit method to estimate Inventory for monthly reporting purposes. Presented below is information for the month of Inventory, May 1 $ 156,000 Purchases (gross) 576,100 Freight-in 29,300 Sales revenue 998,400 Sales returns 72,100 Purchase discounts 11,900 Compute the estimated Inventory at May 31, assuming that the gross profit is 25% of net sales The estimated Inventory at May 31 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. (Round percentage of sales to 2 decimal places, .. 78.74% and final answer to o decimal places, e.g. 6,225.) The estimated Inventory at May 31s Click if you would like to Show Work for this question: Open Show Work