Sage 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 $ 149,100 Purchases (gross) 683,200 Freight-in 28,700 Sales revenue 998,600 Sales returns 76.500 Purchase discounts 11,000 Your answer is incorrect Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 $ eTextbook and Media