Assume that we are auditing the records of Forde Corporation. A physical inventory has been taken by the company under our observation. The records of the company show the following account data. The gross prot last year was 25% of net sales; we anticipate that it will be 25% for the current year under audit.

Sales, gross	$756,000
Sales returns (returned to inventory)	12,000
Purchases, gross	372,000
Beginning inventory	240,000
Freight-in	16,800
Purchase returns and allowances	4,800

Required Estimate the cost of ending inventory using the gross profit method. Note: Do not use negative signs with your answers.

Cost of goods available for sale :

Cost of goods sold, estimated:

Ending Inventory, estimated: