Inventory at the beginning of the year cost $12,700. During the year, the company purchased on account) inventory costing $80,500. Inventory that had cost $76,500 was sold on account for $92,200. At the end of the year, inventory was counted and its fost was determined to be $16,700. 2 M6-6 Part a &b Required: bok rint a. Show the cost of goods sold equation using these numbers. 5. What was the dollar amount of Gross Profit? rences Complete this question by entering your answers in the tabs below. Required A Required B Show the cost of goods sold equation using these numbers