Exercise 9-14 (Part Level Submission) Whispering 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 $ 175,600 617,400 31,700 973,200 68,100 12,900 Sales revenue Sales returns Purchase discounts (a) Your answer is correct. Compute the estimated inventory at May 31, assuming that the gross profit is 20% of net sales. The estimated inventory at May 31 87720 (b) Compute the estimated inventory at May 31, assuming that the gross profit is 20% of cost. (Round percentage of sales to 2 decimal places, e.g. 78.7 answer to 0 decimal places, e.g. 6,225.) Collapse question The estimated inventory at May 31 $