At the beginning of 20X1, Fast Supply Inc. had a beginning inventory balance of $300,000. During the year, the company purchased goods costing $1,950,000. If the company reported ending inventory of $450,000 and sales of $2,000,000, then their cost of goods sold and gross profit rate would be: a) $1,500,000 and 25%. b) $1,800,000 and 10%. c) $1,500,000 and 75%. d) $1,800,000 and 90%