At what amount was cost of goods sold reported in the

Reference no: EM13606564

Ranns Supply uses a perpetual inventory system. On January 1, its inventory account had a beginning balance of $6,450,000. Ranns engaged in the following transactions during the year:

1. Purchased merchandise inventory for $9,500,000.
2. Generated net sales of $26,000,000.
3. Recorded inventory shrinkage of $10,000 after taking a physical inventory at year-end.
4. Reported gross profit for the year of $15,000,000 in its income statement.

a.At what amount was Cost of Goods Sold reported in the company's year-end income statement? (Omit the "tiny_mce_markerquot; sign in your response.)Cost of goods sold $

b. At what amount was Merchandise Inventory reported in the company's year-end balance sheet? (Omit the "tiny_mce_markerquot; sign in your response.)

Ending inventory $

c.Immediately prior to recording inventory shrinkage at the end of the year, what was the balance of the Cost of Goods Sold and Merchandise Inventory account? (Omit the "tiny_mce_markerquot; sign in your response.)

Balance
Cost of goods sold $
Ending inventory $

Reference no: EM13606564

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