PRINTE Exercise 9-14 (Part Level Submission) Sunland 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 $ 161,900 697,000 31,400 924,000 73,200 12,100 Your answer is correct. Compute the estimated inventory at May 31, assuming that the gross profit is 40% of net sales. The estimated inventory at May 31 367,720 Click if you would like to Show Work for this question: Open Show Work (b) Your answer is incorrect. Try again. Compute the estimated inventory at May 31, assuming that the gross profit is 40% of cost. places, e.g. 6,225.) The estimated Inventory at May 31 510,480