Inventory on hand at the end of October was $58,900. The following information for the month of November was available from company records: Purchases $ 114,000 Freight-in 3,400 Sales 200,000 Sales returns 9,000 Purchases returns 6,000 In addition, the controller is aware of $10,000 of inventory that was stolen during November from one of the company's warehouses. Required: 1. Calculate the estimated inventory at the end of November, assuming a gross profit ratio of 40%. 2. Calculate the estimated inventory at the end of November, assuming a markup on cost of 60%