Inventory at the beginning of the year cost $14,300. During the year, the company purchased (on account) inventory costing $88,500. Inventory that had cost $84,500 was sold on account for $98,600. At the end of the year, inventory was counted and its cost was determined to be $18,300. Required: a. Show the cost of goods sold equation using these numbers. b. What was the dollar amount of gross profit? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Show the cost of goods sold equation using these numbers. During its first year of operations, Drone Zone Corporation (DZC) bought goods from a manufacturer on account at a cost of $54,000. DZC returned $8,400 of this merchandise to the manufacturer for credit on its account. DZC then sold $42,000 of the remaining goods at a selling price of $68,600. DZC records sales returns as they occur and then records estimated additional returns at year-end. During the year, customers returned goods and were issued gif cards equal in amount to the initial selling price of $7,200. These goods were in perfect condition, so they were put back into DZC's inventory at their cost of $4,400. At year-end, OZC estimated $9,410 of current-year merchandise sales would be returned to DZC in the following year, DZC estimates $5,700 as its cost of this merchandise. Prepare journal entries to record DZC's transactions and estimates, assuming DZC uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Sellall Department Stores reported the following amounts as of its December 31 year-end. Administrative Expenses, $2,900; Cost of Goods Sold, \$25,380; Income Tax Expense, \$3,310; Interest Expense, \$1,700; Interest Revenue, \$220; General Expenses, \$3,100; Net Saies, \$42,535; and Dellvery (freight-out) Expense, $350. Prepare a multistep income statement for distribution to external financial statement users