Exercise 6.4 (Algo) Perpetual Inventory Systems (LO6-3, LO6-8) Ranns Supply uses a perpetual inventory system. On January 1, its inventory account had a beginning balance of $6,900,000. Ranns engaged in the following transactions during the year. Purchased merchandise inventory for $9,300,000. Generated net sales of $25,000,000. Recorded inventory shrinkage of $10,000 after taking a physical inventory at year-end. Reported gross profit for the year of $19,000,000 in its income statement. a. At what amount was Cost of Goods Sold reported in the company's year-end income statement? b. At what amount was Merchandise Inventory reported in the company's year-end balance sheet? c. Immediately prior to recording inventory shrinkage at the end of the year, what