Exercise 9-14 (Part Level Submission) Cheyenne Company uses the gross proft method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts $ 158,100 665,400 29,700 937,900 69,300 12,900 Your answer is incorrect. Try again Compute the estimated Inventory at May 31, assuming that the gross profit is 40% of net sales. The estimated inventory at May 31 492860 LINK TO TEXT VIDEO SIMILAR EXERCISE