View Policies Current Attempt in Progress Carla 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 $ 162,000 637,500 28,600 1,031,100 69,600 11,500 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 $ e Textbook and Media te at the gross profit is 25% of net sales The estimated inventory at May 31 $ e Textbook and Media Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. (Round percentage of sales to 2 decimal places, eg. 78.74% and final answer to decimal places, eg. 6,225) The estimated inventory at May 31 $ e Textbook and Media 4 backpaU