At the beginning of the year, Bridgeport Athletic Supply had an inventory of $396400. During the year, the company purchased goods costing $1120000. If the company reported ending inventory of $500000 and sales of $1540000, their cost of goods sold and gross profit rate would be O $620000 and 66% O $620000 and 34%. O $1016400 and 66%. O $1016400 and 34%,