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 (b) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. (Round percentage of sales to 2 decimal places, eg. 78.74% and final answer to 0 decimal places, eg. 6,225.) The estimated inventory at May 31 Click if you would like to Show Work for this question: Open Show Work