Inventory at the beginning of the year cost $13,000. During the year, the company purchased (on account) inventory costing $82,000. Inventory that had cost $78,000 was sold on account for $93,400. At the end of the year, inventory was counted and its cost was determined to be $17,000. Calculate the cost of goods sold. Cost of Goods Sold What was the dollar amount of Gross Profit? Gross Profit Prepare journal entries to record these transactions, assuming a perpetual inventory system is used. (If no entry is required for a transaction/event, select "No Journal Entry Required"in the first account field.)