Exercise 9-14 Pina 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 156,000 576,100 29,300 998,400 72,100 11,900 x Your answer is incorrect. Try again Compute the estimated inventory at May 31, assuming that the gross profit is 35% of net sales The estimated inventory at May 31 LINK TO TEXT VIDEO: SIMILAR EXERCISE xYour answer is incorrect. Try again Compute the estimated inventory at May 31, assuming that the gross profit is 35% of cost. (Round percentage of sales to 2 decimal places, eg, 78.74% and final answer to 0 decimal places, e.g. 6,225.) The estimated inventory at May 31 Click if you would like to Show Work for this question: Open Sh or