The cost of goods sold for a business was $74,300. If this business had beginning inventory of $55,000, ending inventory of $31,700, and a gross profit of $41,000, what would the net sales and purchases have been? O a. Net sales of $51,000; purchases of $106,000 O b. Net sales of $106,000; purchases of $115,300 O c. Net sales of $115,300; purchases of $51,000 O d. Net sales of $115,000; purchases of $106,000 Which of the following statements concerning inventory systems is true?