56145 Magic Carpets began the year with inventory of $1,400,000. Inventory purchases for the year totalled $3,200,000. Sales revenue for the year was $7,000,000, and the gross margin was 45 percent. How much is Magic Carpets' estimated cost of ending grumpy; Use the gross margin method. 5 Estimating ending inventory by the gross margin method Estimated cost of ending inventory, $750,000 [6-11 EJltelso Electrical's inventory records for industrial switches indicate the following a=t November 30, 2020: Nov. 1 Beginning inventory ' 14 units at $160 _l 8 Purchase 4 units at $170 _l_ 15 Purchase 11 units at 5180 _\"l 26 Purchase 5 units at $200 '___L The physical count of inventory at November 30, 2020, indicates that six US remain in ending inventory and the company owns them. Required Compute ending inventory and cost of goods sold using each of the followi ng methods, assuming a periodic inventory system is used: 1. Specificunit cost, assuming three 5170 units and three $180 units are 0 2020 n hand on November 30, 2. Weightedwaverage cost 3. Firstin, firstout (FIFO) Computing ending inventory by applying three inventory costing methods in a periodic inventory systemlS. FIFO cost of goods sold, $4,770