Sheridan 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		$ 159,500
Purchases (gross)		593,300
Freight-in		32,900
Sales revenue		974,400
Sales returns		75,900
Purchase discounts		10,800

The estimated inventory at May 31 is

$101025

Part 2

Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. (Round percentage of sales to 2 decimal places, e.g. 78.74% and final answer to 0 decimal places, e.g. 6,225.)

The estimated inventory at May 31