Problem 17.4A 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 2019, the income statement of the company included the following information. $1,719,000 nces Sales Cost of Goods Inventory, January 1, 2019 Purchases Total Merchandise Available for Sale Less Inventory, December 31, 2019 Cost of Goods Sold Gross Profit on Sales $ 120,000 1,200,000 1,320,000 142,875 1.172.125 $ 541,875 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, 2019, revealed an ending Inventory of $141,563, calculate the gross profit percentage. Complete this question by entering your answers in the tabs below