Blooming Flower Company was started in Year 1 when it acquired $60,000 cash from the issue of common stock. The following data summarize the companys first three years operating activities. Assume that all transactions were cash transactions. Year 1 Year 2 Year 3 Purchases of inventory $ 50,000 $ 60,000 $ 85,000 Sales 68,000 85,000 130,000 Cost of goods sold 34,000 43,000 71,000 Selling and administrative expenses 29,000 35,000 42,000