Cost of goods available for sale Less: Estimated cost of goods sold: Net sales Gross profit rate Estimated gross profit Estimated cost of goods sold Estimated cost of ending inventory Estimated cost of ending inventory Kay's Beauty Supply uses the gross profit method to estimate the cost of ending inventory for in-house interim financial statements. Based on the following information for March, calculate Kay's' ending inventory at March 31. Cost of goods available for sale $125,000 Net sales for March $ 80,000 Estimated historical gross profit rate on net sales 35%