*Exercise 14-12 Panza Corporation experienced a fire on December 31, 2020, in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances. December 31, 2020 December 31, 2019 Cash $ 27,000 $ 11,500 Accounts receivable (net) 70,000 121,500 Inventory 209,000 188,000 Accounts payable 45,500 89,500 Notes payable 34,000 59,500 Common stock, $100 par 386,000 386,000 Retained earnings 105,000 106,500 Additional information: 1. The inventory turnover is 3.0 times. 2. The return on common stockholders' equity is 28%. The company had no additional paid-in capital. 3. The accounts receivable turnover is 7.7 times. 4. The return on assets is 12.5%. 5. Total assets at December 31, 2019, were $606,000. Compute the following for Panza Corporation. (a) Cost of goods sold for 2020 $ (b) Net credit sales for 2020. $ (c) Net income for 2020.