Exercise 9-14 (Part Level Submission) Buffalo Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. nventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts $146,400 581,500 27,800 917,100 69,300 12,200 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31