Question 6 View Policies Current Attempt in Progress Waterway 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 $ 170,600 Purchases gross) 689,500 Freight-in 29,300 Sales revenue 975,600 Sales returns 75,600 Purchase discounts 11.000 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 e Textbook and Media Compute the estimated inventory at May 31, assuming that the gross proftis 25% of cost. (Round percentage of sales to 2 decimal places, es 78.74% and final answer to decimal places, eg. 6,225) The estimated inventory at May 31 $ e Textbook and Media