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Inventory at the beginning of the year cost $$13,400.$ During the year, the company purchased $($on account$)$ inventory costing $$84,000.$ Inventory that had cost $$80,000$ was sold on account for $$95,000.$ At the end of the year, inventory was counted and its cost was determined to be $$17,400.$

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.

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Required $A$

Required B

What was the dollar amount of gross profit?

$$,67,000$