Flora's Gifts had a fire in the store on July 17th and needs to estimate their ending inventory to submit a fire insurance claim. The following information is available: Beginning inventory, January 1: $4,300 Net sales: $72,000 Net purchases: $70,000 Historically, Flora's gross profit ratio has been 30%. Calculate Flora's estimated inventory before the fire on July 17th using the gross profit method. Multiple Choice $21,000. $23.900 $50,400