Whispering Winds Company Limited, which follows ASPE, uses the gross profit method to estimate inventory for monthly reports Information follows for the month of May Inventory, May 1 $ 359.000 Purchases 723,000 Freight-in 51,000 Sales 1,270,000 Sales returns 75,600 Purchase discounts: 12.100 (a) X Your answer is incorrect. Calculate the estimated inventory at May 31, assuming that the gross profit is 25% of sales. Estimated inventory, May 31 $ 822300