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On January 1, Escobar Supplys inventory account had a beginning balance of $7,000,000. Escobar engaged...

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Accounting

On January 1, Escobar Supplys inventory account had a beginning balance of $7,000,000. Escobar engaged in the following transactions during the year: Purchased merchandise inventory for $9,400,000. Generated net sales of $27,000,000. Reported gross profit for the year of $16,000,000 in its income statement. Required: At what amount was Cost of Goods Sold reported in the company's year-end income statement? At what amount was Merchandise Inventory reported in the company's year-end balance sheet

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