Use the following information to answer Questions #6 through #10.Bimbo Bread Company started Year 2 with balances in the following accounts:

ASSETS			CLAIMS
CASH	INVENTORY	LAND	ACCTS. PAYABLE	COMMON STOCK	RET. EARNINGS
25,000	3,000	5,000	0	18,000	15,000

Bimbo experienced the following transactions during Year 2:

• Purchased $16,000 of inventory on account. Terms were 2/10, net 30.
• The inventory purchased above was delivered FOB Shipping Point. Freight costs totaled $600.
• Returned $500 of the inventory purchased above.
• Recorded the cash discount on the goods purchased above and paid the balance due in Accounts Payable within the discount period.
• Recognized $21,000 of cash revenue from the sale of inventory and recognized $15,000 of costs of goods sold.
• The inventory that was sold was shipped FOB, Destination. Freight costs totaled $950.
• Paid $4,000 of selling and administrative expenses in cash.
• Sold the land for $5,600.

1. Cost of Goods Sold totaled __________.

2. The ending balance in the Cash account totaled __________.

3. Net Income totaled __________.

4. The ending balance in the Inventory account totaled __________.

5. The ending balance in the Retained Earnings account totaled __________.