Ivanhoe Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. C Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts $ 147,800 637.400 31,000 953,600 72,200 11.900 Q Ace Que Acco Compute the estimated Inventory at May 31, assuming that the gross profitis 25% of net sales. View 6 Accoun The estimated inventory at May 31 $ Questi