Waterway Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Your answer is correct. Compute the estimated inventory at May 31, assuming that the gross profit is 35% of net sales. The estimated inventory at May 31 Compute the estimated inventory at May 31, assuming that the gross profit is 35% of cost. (Round percentage of sales to 2 decimal places, es. 78.74\% and final answer to 0 decimal places, es. 6,225.) The estimated inventory at May 31