A company that has operated with a 30% average gross profit rate for a number of years had $ 100,000 in sales the first quarter of this year. If it began the quarter with $ 18,000 in inventory at cost and purchased $ 72,000 of inventory during the quarter, what is the estimated ending inventory? a) $ 30,000 b) 21,000 c) 20,000 d) 18,000 e) $ 27,000 A company uses a perpetual inventory system to account for its merchandise. Beginning inventory and transactions are as follows: January 10 Beginning balance of: 18 units at $ 13 January 12 Purchased 30 units at $ 14. January 19 Sold 24 units at $ 30 price. January 20 Purchased 24 units at $ 17. January 30 Sold 23 units at $ 30. If the ending inventory is reported at $ 442, what inventory method was used? a) Weighted average method. b) LIFO c) Specific Identification method. d) FIFO e) Retail inventory method. Closing entries will affect: a) total assets b) Cash c) stockholders' equity d) total liabilities e) None of the above