Check my work 11 Exercise 9-11 (Algo) Gross profit method [LO9-2] 0.4 points Royal Gorge Company uses the gross profit method to estimate ending Inventory and cost of goods sold when preparing monthly financial statements required by its bank. Inventory on hand at the end of October was $59.000. The following Information for the month of November was available from company records: eBook Purchases Freight in Sales Sales returns Purchases returns $115,00 3,588 285,000 18,888 6,500 Print References In addition, the controller is aware of $10.500 of Inventory that was stolen during November from one of the company's warehouses. Required: 1. Calculate the estimated Inventory at the end of November, assuming a gross profit ratio of 40% 2. Calculate the estimated Inventory at the end of November, assuming a markup on cost of 60% Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the estimated inventory at the end of November, assuming a gross profit ra sk Beginning inventory Plus: Net purchases Freight-in Cost of goods avadable for sale Less Cost of goods sold hces Net sales Less Estimated gross profit Estimated cost of goods sold Estimated cost of inventory before theft Less Stolen nventory Estimated ending inventory Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the estimated inventory at the end of November, assuming a markup on cost of 60 calculations.) Beginning inventory Plus. Net purchases Freight-in Cost of goods available for sale Less Cost of goods sold Net sales Less: Estimated gross profit Estimated cost of goods sold Estimated cost of inventory before theft Less Stolen inventory Estimated ending Inventory