Pina Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May.

Question 1 Pina Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is nformation for the month of May. Inventory, May1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts $145,400 658,600 27,700 990,600 76,300 11,900 Compute the estimated inventory at May 31, assuming that the gross profit is 35% of net sales. The estimated inventory at May 31 LINK TO TEXT VIDEO: SIMILAR EXERCISE Compute the estimated inventory at May 31 assuming that the gross profit is 35% of cost. Round percentage of sales to 2 decima places e g 7 and narans er to decima, places, e.g. 6,225.) The estimated inventory at May 31 Click if you would like to Show Work for this question: s Open Show Work