Computing Gross Profit and Cost Percentages Given Ending Inventory Balances Harris Inc. with a December 31 year-end, applies a periodic inventory system in reporting inventory. Because its physical inventory count take place at year-end, Harris estimates ending inventory for its quarterly reports using the gross profit method. The following information for the first two quarters of 2020 is available for Harris. Inventory, December 31, 2019 (based on physical count) $36,000 Inventory, March 31, 2020 (estimated) 14,000 Inventory, June 30, 2020 (estimated) 47,200 Purchases, First quarter, 2020 87,500 Purchases, Second quarter, 2020 140,000 Net sales, First quarter, 2020 140,000 Net sales, Second quarter, 2020 144,000 Compute the following percentages, rounding answers to the nearest full percentage point; for example, enter 60 for 60.4% or 61 for 60.5%. 21.7 % X 27.8 % x a. Estimate markup on sales for first quarter 2020. b. Estimate markup on cost for first quarter 2020. C. Estimate markup on sales for second quarter 2020. d. Estimate markup on cost for second quarter 2020. 0% X 0% X