Required information [The following information applies to the questions displayed below.) Inventory at the beginning of the year cost $12,400. During the year, the company purchased (on account) inventory costing $79,000. Inventory that had cost $75,000 was sold on account for $91,000. At the end of the year, inventory was counted and its cost was determined to be $16,400. a. Show the cost of goods sold equation using these numbers. b. What was the dollar amount of Gross Profit? Gross Profit