INTERMEDIATE ACCOUNTING I MESSAGE HY INSTRUCTOR STANDARD VIEWw PKINTER VER Exercise 9-14 (Part Level Submission) ita Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May ework Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts $ 145,400 658,600 27,700 990,600 76,300 11,900 4 (Pa 0(Part sion) s by Your answer is correct. Compute the estimated inventory at May 31, assuming that the gross profit is 35% of net sales. The estimated inventory at May 31 Click if you would like to Show Work for this question: Open Show Work 31590 225505 sHow sOLUTION SHOW ANSWER Attempts: 2 of 2 used Compute the estimated inventory at May 31, assuming that the gross profit is 35% of cost. Round percentage of sales to 2 deci nal places, o g 78 74% and final an ver to o decin al places, eg 0,225 The estimated inventory at May 31 Click if you would like to Show Work for this question: Oren Shy Work SAVE FOR LATER SUB Attempts: o of 2 used