Novak 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 $ 363,000 Purchases 730,000 Freight-in 50,000 Sales 1,260,000 Sales returns 76,700 Purchase discounts 11,500 Calculate the estimated inventory at May 31, assuming that the gross profit is 25% of sales. $ Estimated inventory, May 31 Calculate the estimated inventory at May 31, assuming that the markup on cost is 25%. Estimated inventory, May 31 $