TB MC Qu. 142 (Algo) On March 31 a company... On March 31 a company needed to estimate its ending inventory to prepare its first quarter financial statements. The following information is available: Beginning inventory, January 1: $5,300 Net sales: $53,000 Net purchases: $54,000 The company's gross margin ratio is 15%. Using the gross profit method, the cost of goods sold would be: Multiple Choice $28,150. $6,300. o o U $45,050. o O $33,450. 0 $5,300