Question 12 Nor yet anserer The auditor of Siddharth Company is trying to estimate its ending Inventory using the gross profit method. Given the following information for October, what is the estimated amount of ending inventory for Siddharth Company? Beginning inventory $400,000 Gross purchases 1,200,000 Purchase discounts 55,000 Gross sales 1,190,000 Sales allowances 20,000 Gross profit as a percentage of cost 20% Select one: a. $593,000 b. $553,000 c. $609,000 d. $570,000