Exercise 9-14 Waterway 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 $ 149,100 Purchases (gross) 683,200 Freight-in 28,700 Sales revenue 998,600 Sales returns 76,500 Purchase discounts 11,000 Compute the estimated inventory at May 31, assuming that the gross profit is 35% of net sales. The estimated inventory at May 31 $ 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 $