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Exercise 9-14 Whispering 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 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts $ 146,400 581,500 27,800 917,100 69,300 12,200 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated Inventory at May 31 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.o. 78.74% and fin The estimated inventory at May 31 Click if you would like to show Work for this question: Open Show Work