MAGIC CARPETS BEGAN THE YEAR WITH INVENTORY OF $1,400,000. iNVENTORY PURCHASES FOR THE YEAR TOTALLED $3,200,000. SALES REVENUE FOR THE YEAR WAS $7,000,000 AND THE GROSS MARGIN WAS 45 PERCENT. HOW MUCH IS MAGIC CARPETS ESTIMATED COST OF ENDING INVENTORY? USE THE GROSS MARGIN METHOD.