The following information is available for the Abshire Chemical Supply Company. Estimate the cost of goods sold for January and the ending inventory at January 31, 2009.

inventory, january 1 2009 $220,000

net purchases for the month of january $740,000

net sales for the month of January $980,000

fill in the blank choices are estimated gross profit, purchases, sales and units sold

what is the estimated cost of goods sold?

blank - blank = estimated costs of goods

what is the estimated ending inventory ?

blank + blank- blank = estimated ending inventory

what

Gross profit ratio (historical) 30%