Que Accou (b) X Your answer is incorrect View 5 Accou Compute the estimated inventory at May 31, assuming that the gross profitis 25% of cost. (Round percentage of sales to 2 decimal places, eg. 78.74% and final answer to decimal places, e.g. 6,225.) Ques Accou The estimated inventory at May 31 $ 251025 Ques Account eTextbook and Media + Ch 9 Homework Question 5 of 7 7.5/15 E Question List View Policies Show Attempt History Current Attempt in Progress Question 1 Accounting Dropdown Question 2 Accounting Dropdown Question 3 Accounting Dropdown Headland 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 $ 171,100 Purchases (gross) 686,700 Freight-in 28.700 Sales revenue 1,067,400 Sales returns 63,300 Purchase discounts 11,300 Question 4 Accounting Dropdown Viewing Question 5