Consider the following accounts for Parson Inc., a retailer, at December 31, the end of the accounting year. Parson prepares annual financial statements and uses a perpetual method. Sales revenue.........$321,900 Selling expenses $17,400 Cost of goods sold..$110, 000 Inventory..................$25,000 What will Parson report as gross margin for the year?_________Type just the number for your answer with no dollar signs or commas. Assume the ldquo cost of goods available for sale rdquo during a year is $120, 000. (Recall that cost of goods available for sale is beginning inventory plus the cost of any purchases during the period.) The sales revenue for the year is $130, 000, and the gross margin percentage is 20%. What is the amount of ending inventory?_____________Round any answer to the nearest dollar. Do not use any dollars signs, negative signs, decimal points or commas in your answer (numbers only). On March 1, Rider Inc. sold inventory to a customer for $10, 000 3/10, n/30. Rider uses the gross method for reporting sales discounts. The customer paid the account in full on March 5. What will be the Net Sales reported on the income statement from these transactions (round to the nearest dollar)? (Do no use any punctuation when answering this question (no commas, dollar signs, etc.))_______________Armstad Company has $1, 000 in inventory at the end of December, before any adjusting entries. The inventory is 100 widgets at a cost of $10 each. Armstad sells widgets for $8 each. Jones Company has $2,000 in inventory at the end of December, before any adjusting entries. The inventory is 500 gadgets at a cost of $4 each. Jones sells the gadgets for $9 each. Choose true or false for each of the following statements: On the December balance sheet, Armstad will show inventory of $1, 000. A. True On the December balance sheet, Jones will show inventory of $2,000. B. False The accounting method used to account for the sale of inventory must match the actual physical flow of inventory. (Do not answer true. The answer is false. I really want to make sure everyone has this concept down.) True False