On September 30 a company needed to estimate its ending inventory to prepare its third quarter financial statements. The following information is available: Beginning inventory, July 1:$4,100 Net sales: $41,000 Net purchases: $42,500 The company's gross margin ratio is 20%. Using the gross profit method, the cost of goods sold would be: Multiple Choice $22,000 $4,100 $32,800 $5,600 $26,100