Exercise 9-14 (Part Level Submission) Cheyenne 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 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts $ 158,100 665,400 29,700 937,900 69,300 12,900 (0) Compute the estimated Inventory at May 31, assuming that the gross profit is 40% of net sales. The estimated Inventory at May 31 UNK TO TEXT VIDEO: STHILAR EXERCISE Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER (6) The parts of this question must be completed in order. This part will be available when you complete the part above. Expand question part