Bill Rose owns Rose Sporting Goods. At the beginning of the year, Rose Sporting Goods had $18,000 in inventory. During the year, Rose Sporting Goods purchased inventory that cost $66,000. At the end of the year, inventory on hand amounted to $28,500.
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 Rose Sporting Goods would report on the year-end balance sheet.