Exercise 9-14 (Part Level Submission) Coronado 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 162,000 637,500 28,600 1,031,100 69,600 11,500 X Your answer is incorrect. Try again. Compute the estimated inventory at May 31, assuming that the gross profit is 20% of net sales The estimated inventory at May 31 624300