Exercise 9-14 (Part Level Submission) Martinez 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 (a) Compute the estimated inventory at May 31, assuming that the gross profit is 40% of net sales. The estimated inventory at May 31 $ Show Work is REQUIRED for this question: Open Show Work Attempts: 0 of 1 used