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Q3. Answer the following short questions: a. Given the following data, calculate the cost of goods sold. Sales revenue $1,980,000 Beginning inventory 380,000 Ending inventory 340,000 Purchases 1,250,000 b. What is the most important asset and the major expense for a merchandising business? Why? c. State some guidelines a company's management could use to determine the most desirable inventory costing method (guidelines for three methods: specific identification, FIFO, & weighted average)