Problem #3 (6 points) Jeffrey Cannon is the owner of Jeff's Sporting Goods, Inc. He thinks that the ending inventory amount should be higher than the amount reflected on the company's books. Use the information below to estimate the correct amount of ending inventory using the gross margin method for estimating ending inventory. Beginning Inventory Purchases during the Year Sales during the Year Ending Inventory (per count) $ 500.000 $1,000,000 $1,700,000 $ 80,000 Jeff's Sporting Goods has historically made a 20% gross margin on its sales