Inventory and Cost of Goods Sold Estimate ending inventory by the gross profit method The following data is given for Volcano Technology $ Beginning inventory 275,000 $ 1,850,000 $ 2,600,000 Purchases Sales Gross profit percentage| 40% of sales Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong. Requirement Compute Volcano Technology's estimated cost of ending inventory by using the gross profit method. Check your spelling carefully and do not abbreviate. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted . b. Compute Volcano Technology's estimated cost of ending inventory by using the gross profit method. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong.) Cost of goods available Cost of goods sold: Estimated cost of goods sold Estimated cost of ending inventory