When preparing its quarterly financial statements, Pace Co uses the gross margin method to estimate ending inventory The following information is available for the 1 st quarter of 2016 Beginning inventory $ 227,000 Purchases $ 814,000 Sales $1,151,000 Estimated gross margin percentage 45 What was Pace's estimated inventory on March 31, 2016 (Do not round your intermediate calculations ) $407,950 $633,050 $572,550 $468,450

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Question: When preparing its quarterly financial statements, Pace Co. uses the gross margin method to estimate ending inventory. The following information is available for the 1

When preparing its quarterly financial statements, Pace Co. uses the gross margin method to estimate ending inventory. The following information is available for the 1^stquarter of 2016:

Beginning inventory	$ 227,000
Purchases	$ 814,000
Sales	$1,151,000
Estimated gross margin percentage	45%

What was Pace's estimated inventory on March 31, 2016?(Do not round your intermediate calculations.)

$407,950$633,050$572,550$468,450

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