At the beginning of the year, Superior Sales had $7,500 of merchandise inventory. During the year, the company purchased $72,000 of inventory. At the end of the year, a count of the inventory revealed that the business had $11,640 of inventory on hand. Superior uses the periodic inventory system.Required:a) What is cost of goods sold for the year?b) What is the amount of goods available for sale?c) What is the amount of inventory that will be shown on the year-end balance sheet?
What will be an ideal response?
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