Federal Technology began the year with inventory of $283,000 and purchased $1,840,000 of goods during the year. Sales for the year are $2,600,000, and Federal Technology's gross profit percentage is 40% of sales. Compute Federal Technology's estimated cost of ending inventory by using the gross profit method. First, calculate the cost of goods available. Then calculate the estimated cost of ending inventory. Beginning inventory Purchases Cost of goods available Estimated cost of goods sold: Less: Estimated cost of goods sold Estimated cost of ending inventory