Using the gross profit method, find the estimated ending inventory using the following data: January 1 inventory: 320 serving trays purchased at $1.50 per unit cost
April 1 inventory: 300 serving trays purchased at $1.10 per unit cost
July 1 inventory: 100 serving trays purchased at $2.00 per unit cost
The net sales value of serving trays is $998 and the gross profit on sales is 20%