P5-46A. Estimating ending inventory (Leaning Objective 7) 15-20 min. erprises lost its entire inventory in a hurricane that occurred on May 31, er the past five years, gross profit has averaged 32% of net sales. The Amtran Ent company's records reveal the following data for the month of May: Beginning Inventory. Net Purchases Sales. Sales Returns and Allowances. Sales Discounts. S 38,600 341,900 530,400 12,300 6,500 Requirements 1. Estimate the May 31 inventory, using the gross profit method. 2. Prepare the May income statement through gross profit for Amtrar Enterprises