Oriole Company uses the grass profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 $165,900 Purchases (gross) 633,400 Freight-in 30,300 Sales revenue 998,100 Sales retums 64,700 Purchase discounts 11,400 (a) Your answer is correct. Compute the estimated inventory at May 31 , assuming that the gross profit is 25% of sales. The estimated inventory at May 31 $ eTextbook and Media Attempts: 1 of 3 used (b) X Your answer is incorrect. 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. 78.74% and final answer to 0 decimal places, e.g. 6,225