Lucent Technology maintains a gross margin of 40% on all of its merchandise. In April the company had a beginning inventory of $518,700, net purchases of $314,400, and net sales of $754,400. Use the...

Lucent Technology maintains a gross margin of 40% on all of its merchandise. In April the company had a beginning inventory of $518,700, net purchases of $314,400, and net sales of $754,400. Use the gross profit method to estimate the cost of ending inventory as of March 31.