Ruston Industries began the year with inventory of $98.000 and purchased $530.000 of goods during the year. Sales for the year are $620,000, and Ruston Industries' gross margin is 55 percent of sales. Compute the estimated cost of ending inventory by the gross margin method. To estimate the inventory using the gross margin method, determine the formula you will use to solve for the cost of goods available Then enter in the corresponding amounts. Finish the calculation of estimated ending inventory by choosing the correct labels and entering the corresponding amounts. (Use parentheses or a minus sign when subtracting numbers.) On the basis of the following data, determine the value of the inventory at the lower of cost and net realizable value: In the table below, determine the cost and NRV of each inventory item and total each column. Then, in the "Comparison of Lower of Cost and NRV column, state which is lower, cost or NRV. Designs has three lines of women's wear Teenage. Young Woman, and Mature On May 18.2017. Designs had a fire that destroyed the Teenage line of inventory Sales for the period January 1 to May 18 for the Teenage line were $560,000. Inventory at January 1. 2017. for the Teenage lire was $113, 030 (cost). $335.0 degree C (retail). Purchases made from January 1 to May 18 for the Teenage line at cost were $255.000, and at retail were $725.000. Use the retail method to calculate the cost of the inventory lost in the fire. Use the retail method to calculate the cost of the inventory lost in the fire for the Teenage Line