Carpetmaster began the year with inventory of ($ 350,000). Inventory purchases for the year total ($ 1,600,000),

Question:

Carpetmaster began the year with inventory of $\$ 350,000$. Inventory purchases for the year total $\$ 1,600,000$, and cost of goods sold will be $\$ 1,750,000$. How much is Carpetmaster's estimated cost of ending inventory? Use the gross profit method.

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