Xercise 9-14 (Part Level Submission) 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 $ 161,900 Purchases (gross) 697,000 Freight-in 31,400 Sales revenue 924,000 Sales returns 73,200 Purchase discounts 12,100 Collapse question part (a) Incorrect answer. Your answer is incorrect. Try again. Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 $enter the dollar amount of the estimated inventory at May 31Entry field with incorrect answer 212700 Click if you would like to Show Work for this question: Open Show Work SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO VIDEO Attempts: 6 of 6 used Collapse question part (b) 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 0 decimal places, e. g. 6,225.) The estimated inventory at May 31