Vasquez Company used gross profit method to estimate its ending inventory as of the end of March, 2012. The accounting records showed the following inventory, sales and purchases data for March: Net sales $230,000 Net purchases $191,000 Beginning inventory $63,200 Ending inventory ? What is the estimated cost of ending inventory on March 31 given a gross margin ratio of 30%?

Select one:

a. $24,200

b. $93,200

c. $30,000

d. none of the above