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Whispering Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May

Whispering 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 $ 171,100
Purchases (gross) 686,700
Freight-in 28,700
Sales revenue 1,067,400
Sales returns 63,300
Purchase discounts 11,300

Compute the estimated inventory at May 31, assuming that the gross profit is 30% of net sales.

The estimated inventory at May 31is ______

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 is ______

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