Royal Gorge Company uses the gross profit method to estimate ending inventory and cost of goods sold when preparing monthly financial statements required by its bank. Inventory on hand at the end of October was $60,300. The following information for the month of November was available from company records: Purch Traight-in Sale Sales returns Purch returns 5120, DDD 4,800 270,000 23,00 7,500 In addition, the controller is aware of $8,500 of Inventory that was stolen during November from one of the company's warehouses. Required: 1. Calculate the estimated Inventory at the end of November, assuming a gross profit ratio of 40% 2. Calculate the estimated Inventory at the end of November, assuming a markup on cost of 60% Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the estimated inventory at the end of November, assuming a gross profit ratio of 40%. Beginning inventory Plus: Ne purchases Freight-in Cost of goods available for sale Lesa. Cost of goods sold Net als Less. Estimated gross profit Estimated cost of goods sold Estimated cost of inventory before that Lesa: Stolen wory Estimated ending inventory Red Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the estimated inventory at the end of November, assuming a markup on cost of 60%. (Do not round intermediate calculations.) Beginning inventory Plus: Ne purchases Freight-in Cost of goods available for sale Lesa: Cost of goods sold Net sales Less Estimated gross profit Estimated cost of goods sold Estimated cost of inventory before theft Lesa: Stolen inventory Estimated ending inventory