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 $4,400 Net sales: $73.000 Net purchases: $71000 The company's gross margin ratio is 20%. Using the gross profit method, the estimated ending inventory value would be Multiple Choice $17,000 $14 200 $58.400 544.600 Proy 23 of 37 Next