Kingbird 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 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts $ 162.100 691,300 30,800 1,041,700 65.900 12,500 (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 $ 139 850 eTextbook and Media Attempts: 1 of 3 used (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 $