The Bloomfield Corporation sells three items of inventory: rulers, mechanical pencils, and notebooks. The company starts operations on April 1, 2017 by purchasing 100 rulers at $6 each; 70 mechanical pencils for $8 each; and 120 notebooks at $7 each.

a. Calculate the carrying value of this inventory reported on the balance sheet.

Expanding on the April 1 purchase, Bloomfield incurs the following expenditures associated with acquiring the inventory: The 100 rulers have a flat shipping fee of $15. The mechanical pencils are imported; each unit is subject to an import duty of $0.50. The notebooks ship with a flat fee of $12 plus $0.10 per unit.

b. Calculate the carrying value of the inventory reported on the balance sheet, taking into account the expenditures noted above.

c. During April, Bloomfield sells 24 rulers, 15 mechanical pencils, and 35 notebooks. Using the full cost assumptions (from part (b)): Calculate the cost of goods sold for the sale