(Gross Profit Method) The Cookie Monster uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of November. Sales revenue $770,000 Inventory, November 1 132,200 Purchases (gross) 492,800 Freight-in 15,200 Freight-out 23,100 Sales returns 35,900 Purchase returns 9,240 Instructions Compute the estimated inventory at November 30, assuming that the gross profit is 20% of cost.