Astaire 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 | $178,400 | |
| Purchases (gross) | 642,100 | |
| Freight-in | 30,700 | |
| Sales | 1,011,200 | |
| Sales returns | 76,300 | |
| Purchase discounts | 12,170 |
(a) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales.
| The estimated inventory at May 31 | $ |
(b) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost.
| The estimated inventory at May 31 | $ |
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