3. Calculate the estimated inventory for 3 Play, Inc. using the gross profit method based on the following information: current period sales, $250,000; gross profit percentage, 40%; beginning inventory, $100,000; and current period purchases, $500,000. 4. Calculate the estimated ending inventory for 3 Play, Inc. using the retail method based on the following information: beginning inventory at cost, $300,000; beginning inventory at retail value, $420,000; purchases at cost, $600,000; purchases at retail value, $780,000; actual sales, $900,000