A store uses the gross profit method to estimate inventory and cost of goods sold for interim reporting purposes. Past experience indicates that the average gross profit rate is 25% of net sales. The following data relate to the month of March: Inventory cost, March 1 Purchases during the month at cost Sales Sales retums $25,000 67,000 84,000 3,000 Using the data above, what is the estimated ending inventory at March 317 Select one: O a $20,250 O b. $21,000 OC $29,000, O d. $71,750 O e. $31,250