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3 Exercise 4 20A Algo Effect of Inventory transactions on the Income statement and balance...

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3 Exercise 4 20A Algo Effect of Inventory transactions on the Income statement and balance sheet Perlodic system Appendix LO 4 9 Bill Rose owns Rose Sporting Goods At the beginning of the year Rose Sporting Goods had 2 900 In Inventory During the year Rose Sporting Goods purchased Inventory that cost 13 500 At the end of the year Inventory on hand amounted to 4 100 Required 45 56 a Calculate the cost of goods available for sale during the year b Calculate the cost of goods sold for the year c Calculate the amount of Inventory Rose Sporting Goods would report on the year end balance sheet a b Cost of goods sold c Inventory reported on year end balance sheet Cost of goods available for sale

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