Can you help me answering these question parts please I coul

M67 Recording Journal Entries for Purchases and Sales Using a Perpetual Inventory System [L?63, LO 6-5] /The following information applies to the questions displayed below Inventory at the beginning of the year cost $12,800. During the year, the company purchased (on account) nventory costing $81,000 Inventory that had cost $77000 was sold on account for $92,600 At the end of the year, Inventory was counted and its cost was determined to be $16,800

Solution

a) Cost of goods sold :

b) Gross profit = 92600-77000 = 15600

Journal entry :

Beginning inventory	12800
Purchase	81000
Cost of goods available for sale	93800
Less: Ending inventory	-16800
Cost of goods sold	77000