The following information was developed for Ivanhoe Department Store: (a) Your answer is correct. If Ivanhoe Department Store estimates inventory by using the retail inventory method, what is the estimated cost of ending inventory? Estimated cost of ending inventory Attempts: 1 of 2 used (b) If Ivanhoe Department Store uses the gross profit method and net sales are $500,000, the gross profit rate is 30%, and cost of goods available for sale is $400,000, what is the estimated cost of ending inventory? Estimated cost of ending inventory $