Ranns Supply uses a perpetual inventory system. On January 1, its inventory account had a beginning balance of $6,400,000. Ranns engaged in the following transactions during the year. 1. Purchased merchandise inventory for $9,600,000. 2. Generated net sales of $26,000,000. 3. Recorded inventory shrinkage of $10,000 after taking a physical inventory at yearend. 4. Reported gross prot for the year of $17,000,000 in its income statement. a. At what amount was Cost of Goods Sold reported in the company's year- end income statement