Crankberry Corp. wants to estimate ending inventory as of March 31, 2019. The cost of inventory on hand as of January 1, 2019 was $75,000. The cost of purchases from January 1st through March 31st is $161,400. Sales, which are made at 25% above cost, totaled $225,000 through March 31st. Estimate the cost of Crankberry's ending inventory as of March 31st using the gross profit method. $36,600 $56,400 $38,400 $20,000