103) A company that has operated with a 30% average gross prot ratio for a number of years had $110,000 in net sales during the first quarter of this year. If it began the quarter with $28,000 in inventory at cost and purchased $75,000 of merchandise during the quarter, its estimated ending inventory by the gross profit method is: A) $21,000. B) $24,000. C) $25,000. D) $20,000. E) $26,000