At the beginning of the year, Concord Company had an inventory of $747000. During the year, the company purchased goods costing $1639200. If Concord Company reported ending inventory of $86000 and sales of $3710000, the company's cost of goods sold and gross profit rate must be {:[$2300200" and "62.0%". "],[$2300200" and "38.0%". "],[$1409800" and "61.3%". "],[$1409800" and "38.0%". "]:}

At the beginning of the year, Concord Company had an inventory of $747000. During the year, the company purchased goods costing $1639200. If Concord Company reported ending inventory of $86000 and sales of $3710000, the company's cost of goods sold and gross profit rate must be $2300200and62.0%.$2300200and38.0%.$1409800and61.3%.$1409800and38.0%