Waterway Company uses the gross profit method to estimate inventory for monthly reporting purposes, Presented below is information for the month of May. (a) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales. The estimated inventory at May 31 eTextbook and Media Attempts: 1 of 3 used (b) Compute the estimated imventory 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 0 decimat ploces, eg. 6,225) The estimated irventory at May 31