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Assume Bargainmeister Store estimates its inventory by the gross margin method when preparing monthly financial statements (it uses the periodic method otherwise). For the past two years, the cost of goods purchased has averaged 57 percent of net sales. Assume further that the company's inventory records for its stores reveal the following data: Inventory: June 1, 2023 $530,000 Transactions during June: Purchases $4,840,000 Sales $8,420,000 Required . . . Requirement 1. Estimate the June 30, 2023, inventory using the gross margin method. -X Required 1. Estimate the June 30, 2023, inventory using the gross margin method. Cost of goods sold 2. Prepare the June income statement through gross margin for Bargainmeister Store. Print Done Estimated cost of ending inventory Requirement 2. Prepare the June income statement through gross margin for Bargainmeister Store