Use the following for questions 39 & 40

The company had $50,000 in beginning inventory and during the year they purchased $750,000 worth of inventory. Their Gross profit was $500,000 and they had Sales of $1,275,000 and Net sales of $1,270,000.

39. What was the companys ending inventory? $_________

40. What was the companys gross profit ratio (round to 2 decimal places) __ __.__ __%