Exercise 9-14 (Part Level Submission) Indigo 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 $159,500 593,300 32,900 974,400 75,900 10,800 (a) Your answer is incorrect. Try again Compute the estimated inventory at May 31, assuming that the gross profit is 35% of net sales. The estimated inventory at May 31 212475