CALCULATOR INTER VERSION BACK NEX Exercise 9-14 Metlock 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 $ 156,500 Purchases (gross) 628,400 Freight-in 31,900 Sales revenue 1,029,400 Sales returns 74,600 Purchase discounts 10.800 Compute the estimated Inventory at May 31, assuming that the gross profit is 40% of net sales The estimated Inventory at May 31 Compute the estimated Inventory at May 31, assuming that the gross profit is 40% of cost. (Round percentage of sales to 2 decimal places places, 9.6,225.) and imalanwer to decimal The estimated Inventory at May 31 Click if you would like to show Work for this questioni Oren Show Work LINK TO TEXT Question Attempts of 3 used SAVE FOR LATER BUBMIT