Exercise 9-14 (Part Level Submission) Riverbed Company uses the gross profit method to estimate Inventory for monthly reporting purposes. Presented below is informed for the month of May. Inventory, May 1 Purchases (oros) Freight-in Sales revenue Sales returns Purchase discounts $ 160,700 595,100 28,600 1,028,100 74.200 11,600 Compute the estimated Inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31