Question 10 of 10 0/1 View Policies Show Attempt History Current Attempt in Progress Your answer is incorrect. E. Preslay Company prepares monthly financial statements and uses the gross profit method to estimate ending inventories. Historically, the company has had a 40% gross profit rate. During June, net sales amounted to $200,000; the beginning inventory on June 1 was $60,000; and the cost of goods purchased during June amounted to $90,000. The estimated cost of E. Preslay Company's inventory on June 30 is O $24.000. O $30.000. O $70,000. O $140.000 e Textbook and Media cad Submit Anna