Over the past several years, Hyman Electronics has had an average gross profit of 30 percent. At the end of 20X1, the income statement of the company included the following information:

Sales				$	1,624,000
Cost of Goods
Inventory, January 1, 20X1	$	112,500
Purchases		1,125,000
Total Merchandise Available for Sale		1,237,500
Less Inventory, December 31, 20X1		127,875
Cost of Goods Sold					1,109,625
Gross Profit on Sales				$	514,375

Investigation revealed that employees of the company had not taken an actual physical count of the inventory on December 31. Instead, they had merely estimated the inventory. Required: Using the gross profit method of inventory, calculate the estimated ending inventory. Analyze: If a physical inventory count on December 31, 20X1, revealed an ending inventory of $126,563, calculate the gross profit percentage.

Complete this question by entering your answers in the tabs below. Using the gross profit method of inventory, calculate the estimated ending inventory. Complete this question by entering your answers in the tabs below. If a physical inventory count on December 31,201, revealed an ending inventory of $126,563, calculate the gross profit percentage. (Round your answer to 1 decimal place. i.e., 0.123 to be considered as 12.3%.)