Riverbed 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) $165,900 633,400 Freight-in 30,300 Sales revenue 1,098,100 Sales returns 64,700 Purchase discounts 11.400 Part 1 Compute the estimated inventory at May 31, assuming that the gross profit is 40 % of net sales The estimated inventory at May 31 eTextbook and Media Part 2 Compute the estimated inventory at May 31, assuming that the gross profit is 40 % of cost. (Round percentage of sales to 2 decimal places es 7874% and final answer to O decimal plce $ The estimated inventory at May 31 eTexthook and Media