Exercise 9-14 Sage 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 146,400 581,500 27,800 917,100 69,300 12,200 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 s compute the estimated inventory at May 31, assuming that the gross profit decimal places, e.9.6,225. 25% of cost. Round percentage of sales to 2 dechna, praces, eg, 78.74% and n The estimated inventory at May 31 s