Question: Based on the information involving the changes in inventory and its relationship to goods available for sale as shown below. Calculate Cost of Goods Sold

Based on the information involving the changes in inventory and its relationship to goods available for sale as shown below. Calculate Cost of Goods Sold for 2021: Calculate Ending Inventory for 2022:

Year 2021: Year 2022:

Beginning Inventory 10,000 7,000

Purchases 25,000 16,000

Goods available for sale ? ?

Ending Inventory 7,000 ?

cost of goods sold ? 8,500

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