Question 8 (4 points) On March 1, William Company had beginning inventory of $30,000. During the month the company had net sales of $75,000, purchases of 40,000 and purchase returns and allowances of $2,500. In the previous year, the company's gross profit on sales was 30%. Required: Calculate the estimated cost of the ending inventory on March 31 using the gross profit method. Format V B I UA + v