1. A companys beginning inventory balance was $85,000, their cost of goods sold during the year were $20,000, and their ending inventory balance was $100,000.

What was the companys cost of goods available for sale?_________________

What were the companys total purchases during the year?_________________

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2. Prepare a bank reconciliation as of 9/30/18 from the below information.

1. The 9/30 balance in the companys general ledger is $10,000.
2. The 9/30 balance shown on the bank statement is $7,500.
3. Checks issued but not returned with the bank statement totaled $975.
4. A deposit made late on 9/30 for $3,000 was included in the general ledger balance but not in the bank statement balance.
5. Returned with the bank statement was a notice that customers check for $500 that was deposited on 9/25 was returned because the customers account was overdrawn.
6. Interest credited to the account during Sept but not recorded on the companys books was $50, and a bank service fee of $25 was charged