Question: 2. Given the above data in Question 1, how much is the ending balance of the cost of goods sold to be reported on the

2. Given the above data in Question 1, how much is the ending balance of the cost of goods sold to be reported on the income statement? A. $299,000 B. $300,000 C. $301,000 D. $310,000 1. If a firm's beginning inventory is $70,000, goods purchased during the period cost $260,000, and the cost of goods sold is $300,000. In addition, if the firm physically counted ending inventory is measured at $29,000, what is the inventory shrinkage loss? A. $1,000 B. $21,000 C. $31,000 D. $71,000

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