onnect hapters 5 & 6 Test Help Seve& Esit ub On March 31 a company needed to estimate its ending inventory to prepare its first quarter financial statements The following information i Beginning inventory, January 1 55,300 Net sales $82,000 Net purchases S80.000 The company's gross margin rato is 20% Using the goss profe method, the estimated endng mentory value would be 004U. Mutiple Choice $+9,700 $65 600