Vaughn Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. $ 174,600 Inventory, May 1 Purchases (gross) Freight-in 607.000 29,300 Sales revenue 983,300 Sales returns 67.700 Purchase discounts 12,700 Your answer is incorrect. Compute the estimated Inventory at May 31, assuming that the gross prontis 25% of net sales $ 65720 The estimated inventory at May 31 Your answer is incorrect Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 $ 65720 eTextbook and Media Your answer is incorrect. Compute the estimated Inventory at May 31, assuming that the gross profitis 25% of cost. (Round percentage of sales to 2 decimal places, c.8. 78.74% and final answer to o decimal places, 68, 6,225.) $ 65720 The estimated Inventory at May 31