Pina 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 $ 158,100 Purchases (gross) 665,400 Freight-in 29,700 Sales revenue 937,900 Sales returns 69,300 Purchase discounts 12,900

Compute the estimated inventory at May 31, assuming that the gross profit is 40% of net sales.

The estimated inventory at May 31 $

Compute the estimated inventory at May 31, assuming that the gross profit is 40% of cost.

The estimated inventory at May 31

$