Ranns Supply uses a perpetual inventory system. On January 1, its inventory account had a beginning balance of $6,900,000. Ranns engaged in the following transactions during the year. 1. Purchased merchandise inventory for $9,100,000. 2. Generated net sales of $27,000,000. 3. Recorded inventory shrinkage of $10,000 after taking a physical inventory at year-end. 4. Reported gross profit for the year of $15,000,000 in its income statement. a. At what amount was Cost of Goods Sold reported in the company's year-end income statement? b. At what amount was Merchandise Inventory reported in the company's year-end balance sheet? c. Immediately prior to recording inventory shrinkage at the end of the year, what was the balance of the Cost of Goods Sold account? What was the balance of the Merchandise Inventory account?

Ranns Supply uses a perpetual inventory system. On January 1, its inventory account had a beginning balance of $6,900,000. Ranns engaged in the following transactions during the year. 1. Purchased merchandise inventory for $9,100,000. 2. Generated net sales of $27,000,000. 3. Recorded inventory shrinkage of $10,000 after taking a physical inventory at year-end. 4. Reported gross profit for the year of $15,000,000 in its income statement. a. At what amount was Cost of Goods Sold reported in the company's year-end income statement? b. At what amount was Merchandise Inventory reported in the company's year-end balance sheet? c. Immediately prior to recording inventory shrinkage at the end of the year, what was the balance of the Cost of Goods Sold account? What was the balance of the Merchandise Inventory account?

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Description: Please do not give solution in image format thanku Ranns Supply uses a perpetual inventory system. On January 1, its inventory account had a beginning balance of $6,900,000. Rannsengaged in the following transactions during the year.1. Purchased merc

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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