Question 5 [8 points] During your audit of ABC Inc. you realize the valuations of the inventory have not been completed, though a physical court has been taken with your teet following information: Gross sales $370.000 Returned sales (back into stock) 20,000 Gross purchases 154,000 Beginning inventory 120,000 Freight-in 9,800 Purchase returns and allowances 2,100 Gross profit last year 40% Gross profit for current audit year 35% For the purpose of audit planning, estimate the ending inventory using the gross proft method. Please make sure your final anawer(s) are accurate to the rest wedle unter Net sales revenue (base amount) Cost of goods sold: Beginning inventory Net purchases Freight-in Goods available for sale Ending inventory Cost of goods sold Gross profit