Exercise $4-20$A $($Algo$)$ Effect of inventory transactions on the income statement and balance sheet: Periodic system $($Appendix$)$ LO $4-9$

Bill Rose owns Rose Sporting Goods. At the beginning of the year, Rose Sporting Goods had $$3,100$ in inventory. During the year, Rose Sporting Goods purchased inventory that cost $$13,700.$ At the end of the year, inventory on hand amounted to $$4,300.$

Required:

a$.$ Calculate the cost of goods available for sale during the year.

Goods available for sale

References

b$.$ Calculate the cost of goods sold for the year.

Cost of goods sold

c$.$ Calculate the amount of inventory Rose Sporting Goods would report on its year$-$end balance sheet.

Merchandise inventory