Windsor 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 $174,600 Purchases (gross) 607,000 Freight-in 29,300 Sales revenue 983,300 Sales returns 67,700 Purchase discounts 12,700 (a) Your Answer Correct Answer Your answer is correct. Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. (b) The estimated inventory at May 31 $ eTextbook and Media 111,500 Attempts: 1 of 3 used Your Answer Correct Answer Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. (Round percentage of sales to 2 decimal places, e.g. 78.74% and final answer to O decimal places, e.g. 6,225.) The estimated inventory at May 31 $