Given the Following, Calculate the Estimated Cost of Ending Inventory

Short Answer

Given the following, calculate the estimated cost of ending inventory using the gross profit method.
$$\begin{array} { | l | l | } \hline \text { Gross profit on sales } & 28 \% \\\hline \text { Beg Inventory Jan 1, 2017 } & \$ 60,000 \\\hline \text { Net Purchases } & \$ 44,000 \\\hline \text { Net Sales at Retail } & \$ 55,000 \\\hline\end{array}$$