Inventory: Gross profit method Retail Corp has provided you with the following information: Normal gross profit margin: 37% Sales $5,200,000 1-1 Inventory 324,000 Purchases 3,100,000 Purchase returns 50,000 Freight-in 310,000 Inventory: Gross profit method Set up the problem and then answer the following questions: 1.1 What is the cost of goods available for sale (S)? 1.2 What is the normal cost ratio? 1.3 1.4 What is the estimated cost of goods sold (S) using the gross profit method? What is the estimated ending inventory ($) using the gross profit method?