QUESTION 3 - INVENTORY (20 Marks in Total) a) The income statement of Forest Supplies Ltd includes the items listed below: Net sales $950,000 Gross profit on sales 270,000 Beginning inventory 300,000 Discount received 15,000 Purchase returns and allowances 8,000 Freight-in 10,000 Operating expenses 300,000 Purchases 520,000 Required: Use the appropriate items listed above as a basis for determining: Cost of sales (2 marks) ii) Cost of goods available for sale (2 marks) iii) Ending inventory (4 marks) i) QUESTION 3 - INVENTORY Parta)