Exercise 9-14 (Part Level Submission) Wildhorse 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 169,600 677,700 30,300 957,200 74,300 13,100 (a) XYour 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 664600 Click if you would like to Show Work for this question: Sho LINK TO TEXT VIDEO: SIMILAR EXERCISE