Howard's Shoe Company has a periodic inventory system and uses the gross margin method of estimating inventories for interim financial statements. The company had the following account balances for the fiscal year ended March 31, 2020: (Click the icon to view the data.) Required Requirement 1. Use the gross margin method to estimate the cost of the business's ending inventory, assuming the business has an average cost of 50 percent. (Use parentheses or a minus sign when subtracting numbers. Round amounts to the nearest whole dollar.) Net purchases Estimated cost of goods sold: Less: Estimated ending inventory Required 1. Use the gross margin method to estimate the cost of the business's ending inventory, assuming the business has an average cost of 50 percent. 2. The business has done a physical count of the inventory on hand on March 31, 2020. For convenience, this inventory was calculated using the retail selling prices marked on the goods, which amounted to $506,520. Use the information from requirement 1 and the gross margin method to calculate the cost of the inventory counted. Print Done Requirement 2. The business has done a physical count of the inventory on hand on March 31, 2020. For convenience, this inventory was calculated using the retail selling prices marked on the goods, which amounted to $506,520. Use the information from requirement 1 and the gross margin method to calculate the cost of the inventory counted. (Round your answer to the nearest whole dollar.) The cost of inventory counted is S. Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later ?