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Question 9 3.33 pts A store uses the gross profit method to estimate inventory and cost of goods sold for interim reporting purposes. Past experience indicates that the average gross profit rate is 25% of sales. The following data relate to the month of March: Inventory cost, March 1 $25,000 Purchases during the month at cost 67,000 Sales 84,000 Sales returns 3,000 Using the data above, what is the estimated ending inventory at March 31? $31,250 $29.000 $21,000 $20,250