Sheffield 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 30,300 Sales revenue 998,100 Sales returns 64,700 Purchase discounts 11,400 (a) Your answer is incorrect Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales The estimated inventory at May 31 $