Applying the Cost of Goods Sold Model The following amounts were obtained from the accounting records of Steed Company: Required: Compute the missing amounts. Beginning inventory Net purchases Ending inventory Cost of goods sold Year 1 $11,600 $ 44,100 11,200 44,500 Year 2 11,200 69,300 X 49,800 Year 3 64,100 13,750 X

Applying the Cost of Goods Sold Model The following amounts were obtained from the accounting records of Steed Company: Required: Compute the missing amounts