Question 3 of 7 View Policies -/1 E Current Attempt in Progress Cheyenne 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 $165,900 Purchases (gross) 633.400 Freight-in Sales revenue Sales returns 30,300 998,100 64,700 Purchase discounts 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