Exercise 9-14 Novak Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 $147,800 Purchases (gross) 637,400 Freight-in 31,000 Sales revenue 953,600 Sales returns 72,200 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 LINK TO TEXT LINK TO VIDEO Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. (Round percentage of sales to 2 decimal places, e.g. 78.74% and final answer to 0 decimal places, e.g. 6,225.) The estimated inventory at May 31 s Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT LINK TO VIDEO