18. Cost of Goods Sold and Merchandise Available for Sale in a Merchandising Company

Dash Department Store features women's fashions. At the beginning of the year, the store had $514,000 in merchandise. Total purchases for the year were $463,000.

Required

A. Calculate the cost of goods sold for the year, assuming that the year-end inventory was $488,000.

B. What was the total amount of merchandise available for sale during the year?