A company that has operated with a 30% average gross profit 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 $20,000 $26,000 b C $21,000 d $24,000 IF THE PRICES OF RESOURCES AND PRODUCTS BOTH RISE AS THE INDUSTRY EXPANDS IT IS SAID TO BE INCREASING COST INDUSTRY. OTrue O False