On December 31, a company needed to estimate its ending inventory to prepare its annual financial statements. The following information is currently available: Inventory as of January 1: $120,500 Net sales for the year: $400,000 Net purchases for the year: $270,500 This company typically achieves a gross profit ratio of 15%. What would be the value (balance) of ending Inventory under the gross profit method? For the toolbar, press ALT F10 (PC) or ALT FN+F10 (Mac) TTTT Paragraph ET . 3 (12pt) Arial XDOQ T T OSMashups TML CSS