Shamrock Company ises the gross profit method to estimate Inventory, May 1 Purthases (gross) Freight-in Sales revernue Sales returrs mckCpny es the gross prent method to estimate inventory for monthay reporting purposes Preserted belew s informaton for the month ef May 165,900 633,400 30,300 1,095,100 11,400 Compute the otmated invirtory at May 31, assuming that the gross pront is 40% of net sales. The estimeted Invemory ot May 31 Comoute the estimated Ifventory at May 31, assuming that the placex eg 6,225.) percentage of sales to 2 decimal places, 69-28.74% and mal answer to 0 decimal The estimeted inwentory at May 31 s veraian 4.24108