10. At the beginning of the year, Monty Athletic Supply had an inventory of $351,600. During the year, the company purchased goods costing $1,150,000. If the company reported ending inventory of $510,000 and sales of $1,480,000, their cost of goods sold and gross profit rate would be A) $991,600 and 33% B) $640,000 and 67% C) $991,600 and 67% D) $640,000 and 33%