Problem $3-$ Gross Profit Method $(10$ Points$)$

Benny's Enterprise Limited uses the gross method to estimate inventory for monthly reporting

purposes. Presented below is information for the month of September $2023.$

Inventory, September $1$

Sales

Sales returns

Purchases $($Gross$)$

Purchases discounts

Freight$-$in

Instruction: Calculate the estimated inventory at September $30,$ assuming the gross profit is $25\%$

of sales.