Ivanhoe Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. The estimated inventory at May 31 eTextbook and Media Attempts: unilimif b) Compute the estimated inventory at May 31 . assuming that the gross profit is 25% of cost. (Round percentase of raies to 2 decimal places, e.g. 78.74% and final answer to 0 decimal places, e. . 6.225.)