% 56-12 (similar to) Question Help City Technology began the yow with inventory of $320,000 and purchased $1,000,000 of goods during the year. Sales for the year are $3.895,000, and City Technology's gross profpercentage is 60% of sales. Compute Cry Technology's estimated cost of ending inventory by using the gross profit method First, calculate the cost of goods available. Then calore the imated cost of ending inventory Beginning inventory $ 320,000 Purchases 1 800,000 Cost of goods wailable 2.120.000 Estimated cost of goods sold Not sales revenue 3.895,000 Less Estimaried gross proof 60% 2337000 Estimated cost of goods sold (1.558,000 Estimated cost of ending inventory