$ 1 , 140 , 0 $ Answer sales 00 Cost of Goods Sold $570, 000 $ ANSWER Profit ( Loss ) for Year 1 $ 12 , 000 $ Answer 10 ) Suppose that you must prepare quarterly financial statements , and the following table has been started . From examination* of prior years " financial statements , you know that the gross profit margin is 30% . Calculate the unknown balances using the gross profit method . DO not enter dollar signs , negative signs , or commas in the input boxes . Sales $210 , 000 Cost of Goods Sold Opening Inventory* $1 14 , 000 Purchases $126 , 000 Cost of Goods Available* $ Answer for Sale Closing Inventory $ Answer Total Cost of Goods Sold $ Answer Gross Profit $Answer 1 1 ) Calculate the closing inventory at cost by using the retail method by using the following information . Start by calculating the* Cost - to - Retail ratio . Item At Cost At Retail Cost of Goods Sold Opening Inventory $2 , 300 $ 4 , 600 purchases $ 45 , 000 $96, 000 Cost of Goods Available* or Sale $ 47 , 300 $100, 500 Sales at Retail $ 49, 300 Closing Inventory at Retail $51 , 300 Do not enter dollar signs or commas in the input boxes . Round the Cost- to - Retail Ratio to 2 decimal places ( i.e. 72 .3.2%/0 ) . jost- to - Retail Ratio = Answer Round your answer to the nearest whole number . Closing Inventory At Cost = $