At the beginning of the year, Wildcat Athletic had an inventory of $200,000. During the year, the company purchased goods costing $800,000. If Wildcat Athletic reported ending inventory of $300,000 and sales of $1,000,000, their costs of goods sold and gross profit rate would be $500,000 and 70% O $700,000 and 30% $500,000 and 30% $700,000 and 70%