The Hay Came Company uses the Gross Profit method to estimate inventory and cost of goods sold. Past experience indicates that the average gross profit rate is 25% of cost. The following data relate to the month of March. Inventory cost, March 1 $ 25,000 Purchases during the month at cost $ 67,000 Sales $ 81,000 Using the data above, what is the estimated ending inventory at March 31 ? $31,250 $29,000 $27,200 $24,800