Help System Announcements CALCULATOR PRINTER VERSION BACK NEXT Exercise 9-14 Blossom 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 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts $ 156,000 576,100 29,300 998,400 72,100 11,900 Compute the estimated Inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated Inventory at May 31s 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 Click if you would like to Show Work for this question: Open Show Work SAVE FOR LATER SUBMIT ANSWER Question Attempts: 0 of 3 used COLL