Monty Company Limited, which follows ASPE, uses the gross profit method to estimate inventory for monthly reports. Information follows for the month of May: Inventory, May 1 $ 370,000 Purchases 713,000 Freight-in 50,000 Sales 1,330,000 Sales returns 76,900 Purchase discounts 12,600 (a) Calculate the estimated inventory at May 31, assuming that the gross profit is 25% of sales. Estimated inventory, May 31 $