NEXT Exercise 9-14 Oriole 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 $ 163,800 Purchases (gross) 651,200 Freight-in 29,500 Sales revenue 925,900 Sales returns 66,700 Purchase discounts 11,300 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 LINK TO TEXT LINK TO VIDEO Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. (Round percentage of sales to 2 decal places, e.g. 78.74% and final answer to O decimal places, e.g. 6,225.) The estimated Inventory at May 31 s Click if you would like to show Work for this question Open Show Work LINK TO TEXT UNKTO VIDEO lic2020