BE5-1 Compute missing amounts in determining cost of goods sold LO1) Presented below are the components in determining cost of goods sold. Determine the missing amounts Cost of Goods Cost of Beginning Inventory Purchases Available for Sale In Ending ventory Goods Sold (a) $80,000 (b) $50,000 $100,000 $120,000 $115,000 $160,000 $35,000 $29,000 $110,000 BE5-2 Compute missing amounts in determining net income LO1) Presented below are the components in Gates Company's income statement. Determine the missing amounts Cost of Goods Sold Operating Expenses Net Income $10,800 $29,500 Sales Revenue Gross Profit $30,000 (a)75,000 (b) $108,000 (c) ? $70,000 83,900 $79,600 $39,500