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 company's ending inventory? 40. What was the company's gross profit ratio (round to 2 decimal places) _____\%