ication.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mhe.... 5&6 Saved TB MC Qu. 06-142 (Algo) On March 31 a company... Help Save & Exit Submit On March 31 a company needed to estimate its ending inventory to prepare its first quarter financial statements. The following information is available: Beginning inventory, January 1: $5,300 Net sales: $53,000 Net purchases: $54,000 The company's gross profit ratio is 15%. Using the gross profit method, the cost of goods sold would be Multiple Choice