I am not sure how to solve for Estimated costs of goods sold and Estimated cost of ending inventory.

X 56-12 (similar to) Question Help City Technology began the year with inventory of $329,000 and purchased $1,800,000 of goods during the year. Sales for the year are $3,910,000, and City Technology's gross profit percentage is 60% of sales. Compute City Technology's estimated cost of ending inventory by using the gross profit method. First, calculate the cost of goods available. Then calculate the estimated cost of ending inventory. Beginning inventory $ 329,000 Purchases 1,800,000 Cost of goods available 2,129,000 Estimated cost of goods sold: Net sales revenue '$ 3,910,000 Less: Estimated gross profit of 60% '_(2,346,000) Estimated cost of goods sold (1,564,000) $ 565,000 Estimated cost of ending inventory