Monty 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 $ 149,100 683,200 28,700 998,600 76,500 11,000 (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, eg: 78.74% and final answer to 0 decimal places, e.g. 6,225.) The estimated inventory at May 31 e Textbook and Media