Question 35 6 pts Heaven Scent is a retail business selling handmade soaps, essential oils, candles and lotions. The manager is required to prepare quarterly financial reports for the owner of the business. To assist with this process, and to save having to perform a physical stocktake every quarter, the business uses the retail inventory method for interim reporting purposes. Beginning inventory (cost) $ 45 000 75 000 Net purchases (cost) Sales at retail Mark-ups at retail Mark-downs at retail Staff discounts (on items sold) at retail 110 000 3 021 11 858 5 814 (Note: the same data has been provided in the pdf. document you downloaded before) Required: The manager requires an estimate be made of: 1. inventory on hand at cost for the quarter ending 31 March 2022. 2. the gross profit to assist the manager with preparing the quarterly financial reports. (Note: you only need to show your final calculations in your answer) (4+2=6 marks)