Required information [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. 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 Show the cost of goods sold equation using these numbers. Required information [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. 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 What was the dollar amount of gross profit? Gross Profit < Required A Required> 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. c. Prepare journal entries to record these transactions, assuming a perpetual inventory system is used. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 Record the inventory purchased of $89,000 on account. Note: Enter debits before credits. Transaction a General Journal Debit Credit 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. c. Prepare journal entries to record these transactions, assuming a perpetual inventory system is used. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet > 1 2 3 Record the sales revenue of $99,000 on account. Note: Enter debits before credits. Transaction b General Journal Debit Credit Required information [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. c. Prepare journal entries to record these transactions, assuming a perpetual inventory system is used. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 Record the cost of goods sold of $85,000. Note: Enter debits before credits. Transaction General Journal Debit Credit