Applying the cost of Goods Sold Model The following amounts were obtained from the accounting records of Steed Company: Required: Compute the missing amounts. Year 1 Year 2 Year 3 Beginning inventory $10,600 11,200 Net purchases 72,300 65,100 Ending inventory 11,200 13,750 Cost of goods sold 44,500 49,800 74,050 Feedback Check My Work Apply the cost of goods sold model. The determination of cost of goods sold requires an allocation of the cost of goods available for sale between ending inventory and cost of goods sold