5. At the beginnin g ot the year, Uptown Athietit nad al i m vel iwy b year, the company purchased goods costing $2,250,000. If Uptown Athletic reported ending inventory of $750,000 and sales of $3,000,000, their cost of goods sold and gross profit rate would be A) $1,500,000 and 70%. B) $2,100,000 and 30%. C) $1,500,000 and 30%. D) $2,100,000 and 70%. 4. During the year, Megan's Pet Shop's merchandise inventory decreased by $80,000. If the company's cost of goods sold for the year was $1,200,000, purchases would have been A) $1,280,000. B) $1,120,000. C) $1,040,000. D) Unable to determine