Windsor Supplies uses the periodic inventory system to account for their inventory. However, they carry inventory which is difficult to count. They use the gross margin method to estimate their ending inventory balance on a quarterly basis for their interim financial reports. 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 $163,000 1,370,000 42,000 14,000 2,380,000 28,000 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 35%. 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 $162,000. Determine whether a write-down would be required and record the entry