Ranns Supply uses a perpetual inventory system. On January 1, its inventory account had a beginning balance of $6,100,000. Ranns engaged in the following transactions during the year. 1. Purchased merchandise inventory for $9,800,000 2. Generated net sales of $25,000,000 3. Recorded inventory shrinkage of $10,000 after taking a physical inventory at year-end. 4. Reported gross profit for the year of $18,000,000 in its income statement. a. At what amount was cost of Goods Sold reported in the company's year-end income statement? b. At what amount was Merchandise Inventory reported in the company's year-end balance sheet? c. Immediately prior to recording inventory shrinkage at the end of the year, what was the balance of the Cost of Goods Sold account? What was the balance of the Merchandise Inventory account? (Input all amounts as positive values.) a. Cost of goods sold b. Merchandise inventory c. Cost of goods sold Ending inventory This exercise stresses the relationships between the information recorded in a periodic inventory system and the basic elements of an income statement. Each of the five lines represents a separate set of information. You are to fill in the missing amounts. (Enter loss amounts as a negative number.) Beginning Inventory 76,000 71.000 180.000 Net Sales 320,000 570,000 630,000 .820,000 Net Purchases 104,000 290.000 Gross Profit 175,200 Ending Cost of Inventory Goods Sold 35,2001 144.800 264,000 190,000 441,000 135,000 300,000 350,000 Expenses Net Income or (Loss) 72,000 103,200 20.000 160,000 270,000 (15.000) 450.000 189.000 234,000 130.000 156,000