1c. Elm Corporation is a merchandising company. The year began with inventory of $35,000, Purchases for the year were $60,000, and the Ending Inventory was $22,000. What is the Cost of Goods Sold that would be reported on the income statement?

1d. Alvarado Company began the current month with inventory costing $26,915, then purchased inventory at a cost of $67,640. The perpetual inventory system indicates that inventory costing $75,500 was sold during the month for $79,850. If an inventory count shows that inventory costing $18,760 is actually on hand at month-end, what amount of shrinkage occurred during the month?