Ivanhoe Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. (a) Your answer is correct. Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 $ eTextbook and Media Attempts: 1 of 2 used Using multiple attempts will impact your score. 20% score reduction after attempt 1 (b) Compute the estimated inventory at May 31, assuming that the gross profit is 25% 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 $