Estimating Inventory Using Gross Profit Method year was $25\%$ of net sales; we anticipate that it will be $25\%$ for the current year under audit.

$\backslash$table$[[$Sales$,$ gross,$$1,008,000],[$Sales returns $($returned to inventory$),16,000],[$Purchases$,$ gross,$496,000],[$Beginning inventory,$320,000],[$Freight$-$in$,22,400],[$Purchase returns and allowances,$6,400]]$

Required

Estimate the cost of ending inventory using the gross profit method.

Note: Do not use negative signs with your answers.

$\backslash$table$[[$Cost of goods available for sale,$$],[$Cost of goods sold, estimated,$],[$Ending Inventory, estimated,$$]]$