Required information M6-6 Preparing Journal Entries for Inventory Purchases and Sales in a Perpetual System [LO 6-3, LO 6-4, LO 6-6 The following information applies to the questions displayed below] Inventory at the beginning of the year cost $14,400. During the year, the company purchased (on account) inventory costing $89,000. Inventory that had cost $85,000 was sold on account for $99,000. At the end of the year, inventory was counted and its cost was determined to be $18,400. M6-6 Part a & b Required: a. Show the cost of goods sold equation using these numbers. b. What was the dollar amount of Gross Profit? Complete this question by entering your answers in the tabs below. Required A Required B Show the cost of goods sold equation using these numbers. Activate