Exercise 9-14 Stellar 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 161,900 697,000 31,400 924,000 73,200 12,100 Compute the estimated inventory at May 31, assuming that the gross profit is 40% of net sales The estimated inventory at May 31 VIDEO: SIMILAR EXERCISE Round percentage of sales to 2 dec 4 % and fina ans er to O decima Compute the estimated inventory at May 31, assuming that the gross profit is 40% of cost 6,225.) a p aces e 78 aces, e The estimated inventory at May 31 s