2a. Estimate the cost of the inventory of Ranchworks Co. on November 30 by the gross profit method, presenting details of the computations. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Ranchworks Co. Estimated Cost of Inventory November 30 Cost Inventory, March 1 880,000 Net purchases 9,500,000 Merchandise available for sale 10,380,000 Sales 15,800,000 Estimated gross profit 6,004,000 Estimated cost of goods sold 9,796,000 x Estimated inventory, November 30 584,000 Retail method; gross profit method Selected data on inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co. are as follows: Cost Retail Celebrity Tan Co. Inventory, August 1 $300,000 $575,000 Transactions during August: 2,021,900 Purchases (net) Sales 3,170,000 3,250,000 Ranchworks Co. Inventory, March 1 $830,000 Transactions during March through November: Purchases (net) Sales 9,500,000 15,000,000 38% Estimated gross profit rate Required