Estimating Inventory Using Gross Prot Method Assume that we are auditing the records of Forde Corporation. A physical inventory has been taken by the company under our observation. The records of the company show the following account data. The gross prot last year was 25% of net sales; we anticipate that it will be 25% for the current year under audit. Sales, gross $1,134,000 Sales returns (returned to inventory) 18,000 Purchases, gross 558,000 Beginning inventory 360,000 Freight-in 25,200 Purchase returns and allowances 7,200 Required Estimate the cost of ending inventory using the gross profit method. Note: Do not use negative signs with your answers. Cost of goods available for sale Answer Cost of goods sold, estimated Answer Ending Inventory, estimated