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: $5.500 Net sales: $55.000 Net purchases: $63.500 The company?s gross margin ratio is 20%. Using the gross profit method, the cost of goods sold would be: $5.500 $14,000 $36,000 $41,500 $44,000