2. Given the above data in Question 1, how much is the ending balance of the cost of goods sold to be reported on the income statement? A. $299,000 B. $300,000 C. $301,000 D. $310,000 1. If a firm's beginning inventory is $70,000, goods purchased during the period cost $260,000, and the cost of goods sold is $300,000. In addition, if the firm physically counted ending inventory is measured at $29,000, what is the inventory shrinkage loss? A. $1,000 B. $21,000 C. $31,000 D. $71,000