year Visit www.sec.gov/edgar and search for the Carmax annual report (10-K) for the ended February 29,...

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year Visit www.sec.gov/edgar and search for the Carmax annual report (10-K) for the ended February 29, 2020, using EDGAR (Electronic Data Gathering, Analysis, and Retrieval system). Locate its balance sheet and income statement. Use this information to answer the questions below. Required: 1. In the income statement, find total cost of goods sold (labeled "Total cost of sales") and use it to record the journal entry for cost of goods sold. 2. In the balance sheet, find the amounts reported for ending inventory in the current year and the previous year. Create a T-account for inventory and input the beginning and ending balances for the current year. Use the previous year's ending balance as the current year's beginning balance Using these balances and your answer in Requirement 1, solve for the missing value in the Inventory T-Account-this amount represents inventory purchases in the current year. 3. Record the journal entry for inventory purchases, using the amount calculated from Requirement 2 and assuming all inventory purchases are on account. year Visit www.sec.gov/edgar and search for the Carmax annual report (10-K) for the ended February 29, 2020, using EDGAR (Electronic Data Gathering, Analysis, and Retrieval system). Locate its balance sheet and income statement. Use this information to answer the questions below. Required: 1. In the income statement, find total cost of goods sold (labeled "Total cost of sales") and use it to record the journal entry for cost of goods sold. 2. In the balance sheet, find the amounts reported for ending inventory in the current year and the previous year. Create a T-account for inventory and input the beginning and ending balances for the current year. Use the previous year's ending balance as the current year's beginning balance Using these balances and your answer in Requirement 1, solve for the missing value in the Inventory T-Account-this amount represents inventory purchases in the current year. 3. Record the journal entry for inventory purchases, using the amount calculated from Requirement 2 and assuming all inventory purchases are on account.