When preparing its quarterly financial statements, Pace Company uses the gross margin method to estimate ending inventory. The following information is available for the quarter ending March 31, Year 2: 
What is the estimated amount of inventory that is on hand on March 31, Year 2? (Do not round your intermediate calculations.)
Definitions:
Demand Curve
A graphical representation showing the relationship between the price of a good and the quantity demanded.
Nominal Interest Rate
The stated interest rate on a loan or investment, not adjusted for inflation.
Loanable Funds
The money available for borrowing; the market where savers supply funds for loans to borrowers.
Supply
A relation between the price of a good and the quantity that producers are willing and able to sell per period, other things constant.
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