f Homework Assignment - Chapter 9 Question 7 of 8 > -/2 View Policies Current Attempt in Progress Culver 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 $ 161,900 Purchases (gross) 697,000 Freight-in 31,400 Sales revenue 924.000 Sales returns 73,200 Purchase discounts 12.100 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 $ e Textbook and Media Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. (Round percentage of sales to 2 decimal places, eg. 78.74% and final answer to decimal places, eg. 6,225.) The estimated inventory at May 31 $ e Textbook and Media