NC Company, a retail hardware store, began business in August and elected a calendar year for tax purposes. From August through December, NC paid $470,000 for inventory to stock the store. According to a physical inventory count on December 31, NC had $94,940 of inventory on hand. 12 a. Compute NC's cost of goods sold for its first year assuming NC adopted the cash method as its overall method of accounting. b. Compute NC's cost of goods sold for its first year assuming NC adopted the accrual method as its overall method of accounting. 4 points 02:19:32 Complete this question by entering your answers in the tabs below. Required A Required B eBook Compute NC's cost of goods sold for its first year assuming NC adopted the cash method as its overall method of accounting. Cost of goods sold Required A Required B NC Company, a retail hardware store, began business in August and elected a calendar year for tax purposes. From August through December, NC paid $470,000 for inventory to stock the store. According to a physical inventory count on December 31, NC had $94,940 of inventory on hand. 12 a. Compute NC's cost of goods sold for its first year assuming NC adopted the cash method as its overall method of accounting. b. Compute NC's cost of goods sold for its first year assuming NC adopted the accrual method as its overall method of accounting. points 02:19:28 Complete this question by entering your answers in the tabs below. Required B Required A eBook Compute NC's cost of goods sold for its first year assuming NC adopted the accrual method as its overall method of accounting. Cost of goods sold Required A Required B>