Accounting

Inventory at the beginning of the year cost $13,400. During the year, the company purchased (on account) inventory costing $84,000. Inventory that had cost $80,000 was sold on account for $95,000. At the end of the year, inventory was counted and its cost was determined to be $17,400. a. Calculate the cost of goods sold Cost of Goods Sold b. What was the dollar amount of Gross Profit? Gross Profit c. Prepare journal entries to record these transactions, assuming a perpetual inventory system is used (f no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)