Joe Dodd owns Joe’s Sporting Goods. At the beginning of the year, Joe’s had $8,400 in inventory. During the year, Joe’s purchased inventory that cost $42,000. At the end of the year, inventory on hand amounted to $17,600.

Required

Calculate the following:

a. Cost of goods available for sale during the year.

b. Cost of goods sold for the year.

c. Amount of inventory Joe’s would report on the year-end balance sheet.