Tamarisk 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 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts $ 167,300 580,800 32,100 979,300 73,300 11,300 * Your answer is incorrect. Try again. Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. Y The estimated inventory at May 31 115,000 LINK TO TEXT LINK TO VIDEO XX Your answer is incorrect. Try again. 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 to o decimal places, e.g. 6,225.) The estimated Inventory at May 31 23756