Estimating Inventory Using Gross Profit Method Assume that we are aud ting the records of Forde Corporation. A physicalimentocy has been taken by the camparny under our observation. The records of the company show the following account data. The gross profit last year was 25 of of net soles we antipate that it will be 25 for the rurtent year under audit Required \begin{tabular}{|l|r|} \hline Sales, gross & $1,386,000 \\ \hline Sales returns (returned to inventory) & 22,000 \\ \hline Purchases, gross & 682,000 \\ \hline Beginning inventory & 440,000 \\ \hline Freight-in & 30,800 \\ \hline Purchase returns and allowances & 8,800 \\ \hline \end{tabular} Required Estimate the cost of ending inventory using the gross profit method. - Note: Do not use negative signs with your answers