Waterway 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 $ 163,800 Purchases (gross) 651,200 Freight-in 29,500 Sales revenue 925,900 Sales returns 66,700 Purchase discounts 11,300 New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect. Compute the estimated inventory at May 31, assuming that the gross profit is 30% of net sales. The estimated inventory at May 31 $enter the dollar amount of the estimated inventory at May 31 eTextbook and Media New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect. Compute the estimated inventory at May 31, assuming that the gross profit is 30% of cost. (Round percentage of sales to 2 decimal places, e.g. 78.74% and final answer to 0 decimal places, e.g. 6,225.) The estimated inventory at May 31 $enter the dollar amount of the estimated inventory at May 31