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:$5,000 Net sales: $79,000 Net purchases: $77.000 The company's gross profit ratio is 20%. Using the gross profit method, the estimated ending inventory value would be: Multiple Choice $15,400. $63,200. $82,000. $15,800. $18,800