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Edd Gant owns Edd's Sporting Goods. At the beginning of the year, Edd's had $16,000 in inventory. During the year, Edd's purchased inventory that cost $65,000. At the end of the year, inventory on hand amounted to $26,300.
Required:
Calculate the following:
a. Cost of goods available for sale during the year. b. Cost of goods sold for the year. c. Amount of inventory Edd's would report on the year-end balance sheet.
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