Sweet 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 $175,600 Purchases (gross) 617,400 Freight-in 31,700 Sales revenue 973,200 Sales returns 68,100 Purchase discounts 12,900 (a) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales. The estimated inventory at May 31 $