Exercise 9-14 (Part Level Submission) Monty 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 $ 171,100 686,700 28,700 1,067,400 63,300 11,300 x Your answer is incorrect. Try again. Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 Click if you would like to Show Work for this question: Open Show Work