Exercise 9-14 Swifty 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 $ 167,300 Purchases (gross) 580,800 Freight-in 32,100 Sales revenue 1,079,300 Sales returns 73,300 Purchase discounts 11,300

Compute the estimated inventory at May 31, assuming that the gross profit is 35% of net sales.

The estimated inventory at May 31 $

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Compute the estimated inventory at May 31, assuming that the gross profit is 35% of cost. (Round percentage of sales to 2 decimal places, e.g. 78.74% and final answer to 0 decimal places, e.g. 6,225.)

The estimated inventory at May 31 $

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