At the beginning of the year, Monty had an inventory of $630000. During the year, the company purchased goods costing $2240000. If Monty reported ending inventory of $950000 and sales of $3720000, their cost of goods sold and gross profit rate would be $1290000 and 51.61%. $1920000 and 48.39%. $1920000 and 51.61%. $2430000 and 48.39%