I need help solving the below problem, the added images are for contex but dont have the right values on them.

Ho Designs experienced the following events during Year $1,$ its first year of operation:

Started the business when it acquired $$60,000$ cash from the issue of common stock.

Paid $$22,800$ cash to purchase inventory.

Sold inventory costing $$11,500$ for $$28,400$ cash.

Physically counted inventory; had inventory of $$7,300$ on hand at the end of the accounting period.