Edd Gant owns Edds Sporting Goods. At the beginning of the year, Edds had $16,000 in inventory.

Question:

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.