Part D (5 marks) Borias 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 $360,000 Sales $1,200,000 Purchases 700,000 Sales returns 70,000 Freight in Purchase discounts 12,000 50,000 Instructions Calculate the estimated inventory at May 31, assuming that assuming that the gross profit is 16% of sales and that the markdown on cost is 36%. Round the gross profit percentage to two decimal places