Question 1 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 162,100 691,300 30,800 1,041,700 65,900 12,500 (a) Compute the estimated inventory at May 31, assuming that the gross profit is 30% of net sales. The estimated inventory at May 31 s Attempts: o of 5 used SAVE OR LATER SUBMIT ANSWER SUBMIT