DUE AT MIDNIGHT

Required information [The following information applies to the questions displayed below] Inventory at the beginning of the year cost $13,500. During the year, the company purchased (on account) inventory costing $84,500. Inventory that had cost $80,500 was sold on account for $95,400. At the end of the year, inventory was counted and its cost was determined to be $17,500. Required: a. Show the cost of goods sold equation using these numbers. b. What was the dollar amount of gross profit? Complete this question by entering your answers in the tabs below. Show the cost of goods sold equation using these numbers. Journal entry worksheet Record the sales revenue of $95,400 on account. Note: Enter debits before credits. Inventory at the beginning of the year cost $13,500. During the year, the company purchased (on account) inventory costing $84,500. Inventory that had cost $80,500 was sold on occount for $95,400. At the end of the year, inventory was counted and its cost was determined to be $17,500. c. Prepare journal entries to record these transactions, assuming a perpetual inventory system is usod. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the inventory purchased of $84,500 on account. Wote: Enter debts betore credis. Journal entry worksheet [The following information applies to the questions displayed below.] Inventory at the beginning of the year cost $13,500. During the year, the company purchased (on account) inventory costing $84,500. Inventory that had cost $80,500 was sold on account for $95,400. At the end of the year, inventory w counted and its cost was determined to be $17,500. Required: a. Show the cost of goods sold equation using these numbers, b. What was the dollar amount of gross profit? Complete this question by entering your answers in the tabs below. What was the dollar amount of gross profit