profit method to estime Indicate the gross profit percentagem E9.14 (LO4) (Gross Profit Method) Mark Price Company uses the gross profit mal inventory for monthly reporting purposes. Presented below is information for the month Ins $ 160,000 Sut E9 Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts 640,000 30,000 1,000,000 70,000 12,000 pos Instructions a. Compute the estimated inventory at May 31, assuming that the gross profit is 30% of sales. b. Compute the estimated inventory at May 31, assuming that the gross profit is 30% of cost