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6 Problem 17.4A (Algo) Estimating Inventory by the gross profit method. LO 17-4 Over the past several years. Hyman Electronics has had an average gross profit of 30 percent. At the end of 20X1. the income statement of the company included the following information 3 points 31,699,000 Sales Cost of Goods Inventory, January 1, 20x1 Purchases Total Merchandise Available for Sale Less Inventory, December 31, 20X1 Cost of Goods Sold Gross Profit on Sales $ 119,00 1,190, NN 1,309, INNI 140,825 Print 1.165 125 530,375 Derences Investigation revealed that employees of the company had not taken an actual physical count of the inventory on December 31 Instead, they had merely estimated the inventory Required: Using the gross profit method of inventory.calculate the estimated ending inventory Analyze: If a physical inventory count on December 31, 20X1. revealed an ending inventory of $139,563, calculate the gross profit percentage Complete this question by entering your answers in the tabs below. Ending Inventory Analyse Using the gross profit method of inventory, calculate the estimated ending inventory Beginning inventory, January 1, 20X1 Purchases Cost of goods available for sale Estimated ending inventory Analyze 6 Problem 17.4A (Algo) Estimating Inventory by the gross profit method. LO 17-4 Over the past several years. Hyman Electronics has had an average gross profit of 30 percent. At the end of 20X1. the income statement of the company included the following information 3 po eBook Sales Cost of Goods Inventory, January 1, 20x1 Purchases Total Merchandise Available for Sale Less Inventory, December 31, 20x1 Cost of Goods sold Gross Profit on Sales $1,699,000 $ 119,000 1.190, 1,309,000 140.875 1 168 125 $530,875 PE References Investigation revealed that employees of the company had not taken an actual physical count of the inventory on December 31 Instead, they had merely estimated the inventory Required: Using the gross profit method of inventory, calculate the estimated ending inventory Analyze: If a physical inventory count on December 31, 20x1, revealed an ending inventory of $139,563, calculate the gross profit percentage Complete this question by entering your answers in the tabs below. Ending Inventory Analyze If a physical inventory count on December 31, 20X1, revealed an ending inventory of $139,563, calculate the gross profit percentage. (Round your answer to 1 decimal place le. 0.123 to be considered as 12.396.) Groot