Exercise 9-14 Kingbird Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented be w s infor nation for the month of Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts s162,100 691,300 30,800 1,041,700 65,900 12,500 Compute the estimated inventory at May 31, assuming that the gross profit is 30% of net sales. The estimated inventory at May 31 LINK TO TEXT VIDEO: SIMILAR EXERCISE Round percentage of sales to 2 dec mal places, eg, 78.74% and final answer to O Compute the estimated inventory at May 31, assuming that the gross profit s 30% of cost. decimal places, e.g. 6,225.) The estimated inventory at May 31