Brief Exercise 3-9 (Algo) Effect of the periodic inventory system on the financial statements LO 3-9 Ricardo Sanchez owns an art store called Creative Solutions. At the beginning of the year, Creative Solutions had $41,000 in inventory. During the year, Creative Solutions purchased inventory that cost $59,400. At the end of the year, inventory on hand amounted to $16,100. Required: a. Determine the amount of cost of goods sold that will be reported on the year-end income statement. b. Determine the balance of inventory on the year-end balance sheet. a. Cost of goods sold b. Inventory