The Wolfe Company recently lost it's entire inventory in a fire. The accounting records reflect the following information: Beginning Inventory $32,000 Net Purchases Net Sales Gross Profit Rate $220,400 $378,800 40% Using the gross profit method, estimated inventory is: OA. $100,960 B. $25,120 O C. $32,000 O D. Cannot be determined with given information A company has net sales of $124,000, cost of goods sold of $74,000, operating expenses of $46,000, and other expenses of $3,000. The company's net income is O A. $4,000. O B. $50,000. O c. $1,000. O D. $47,000