Exercise 9-14 (Part Level Submission) Sunland Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the o th of May. Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts $ 161,900 697,000 31,400 924,000 73,200 12,100 Compute the estimated inventory at May 31, assuming that the gross profit is 40% of net sales. The estimated Inventory at May 31