solve the following

/ Remaining: 95 min. Question 18 Swifty Company Limited, which follows ASPE, uses the gross profit method to estimate inventory for monthly reports. Information follows for the month of May: Inventory, May 1 $ 370,000 Purchases 713,000 Freight-in 51,000 Sales 1 340,000 Sales returns 77,000 Purchase discounts 11,900 Calculate the estimated inventory at May 31, assuming that the gross profit is 25% of sales. Estimated inventory, May 31 $ Calculate the estimated inventory at May 31, assuming that the markup on cost is 25%. Estimated inventory, May 31 $ Question Attemp