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Exercise 9-14 (Part Level Submission) Bonita 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 $ 165,900 633,400 30,300 998,100 64,700 11,400 (a) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 $ Attempts: 0 of 8 used