Splish 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		$ 162,100
Purchases (gross)		691,300
Freight-in		30,800
Sales revenue		1,041,700
Sales returns		65,900
Purchase discounts		12,500

Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales.

The estimated inventory at May 31

($enter the dollar amount of the estimated inventory at May 31)

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

($enter the dollar amount of the estimated inventory at May 31)