Windsor Gardening Supplies sells bulk amounts of soil, gravel and other landscaping products to both retailers and contractors. They use the periodic inventory system to account for their inventory: the gross margin method is applied to estimate their ending inventory balance on a quarterly basis for financial data. The business had the following balances as at March 31, 2021. Inventory, January 1, 2021 Purchases Purchase returns and allowances Freight in Sales Sales returns and allowances $47,000 199,000 4,000 1,800 339,000 42,000 Required a) Use the gross margin method to estimate the cost of ending inventory at March 31. Assume that the business has an average gross margin rate of 42%. SHOW WORK FOR FULL MARKS. (9 marks) b) Following the calculations above, assume that the business now believes that the net realizable value of inventory as at March 31, 2021 is $70,000. Determine whether a write-down would be required SHOW YOUR WORKI (2 marks)