Inventories and Cost of Goods Sold CHAPTER 7 Cost of Goods Available for Sale Cost of Goods Sold $300 Cost of Ending Inventory Gross Profit Beginning Inventory $100 Revenu Purchases $ 700 150 400 100 1,000 LO 7-2 E7-3 Inferring Missing Amounts Based on Income Statement Relationships Supply the missing dollar amounts for the income statement of Clark Retailers for each of the fo! lowing independent cases: Selling and General Expenses Income from Operations Sales Beginning Total EndingCost of Cases Revenue Inventory Purchases Available Inventory Goods Sold Gross Proft $100 200 100 $800 $700 700 $500 150 150 250 200 200 400 600 300 100 7-4 Inferring Merchandise Purchases LO 7-2 The Gap, Inc. e Gap, Inc., is a specialty retailer that operates stores selling clothes under the trade names , Banana Republic, and Old Navy. Assume that you are employed as a stock analyst and your has just completed a review of the annual report of The Gap, Inc., for the year ended January 011. She provided you with her notes, but they are missing some information that you need aotes show that the ending inventory for Gap in the current year was $1,602 million and in evious year it was $1,477 million. Net Sales for the current year were $14,664 million. Gross was $5,889 million and Net Income was $1,204 million. For your analysis, you determin u need to know the amount of Cost of Goods Sold and Purchases for the year