value: 33.34 points Toyland wishes to produce quarterly financial statements, but it takes a physical count of inventory only at year-end. The following historical data were taken from the 2016 and 2017 accounting records Net sales Cost of goods sold 16 2017 $154,000 $194,000 69,10080,540 At the end of the first quarter of 2018, Toyland's ledger had the following account balances: Sales Purchases Beginning inventory 1/1/2018 Ending inventory 3/31/2018 $231,000 160,000 63,200 95,500 Based on purchases and sales, the Toyland accountant thinks inventory is low Required Using the information provided, estimate the following for the first quarter of 2018: a. Cost of goods sold. (Use average cost of goods sold percentage.) (Round your intermediate percentage values to 2 decimal places and final answers to nearest whole dollar amount.) b. Ending inventory at March 31 based on the historical cost of goods sold percentage. c. Inventory shortage References eBlook & Resources