Please Introduction and all subparts answer please without plagiarism Ranns Supply uses a perpetual inventory system. On January 1, its inventory account had a beginning balance of $6,400,000. Rannsengaged in the following transactions during the year.1. Purchased merchandise inventory for $9,000,000.2. Generated net sales of $25,000,000.3. 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?(Input all amounts as positive values.)a. Cost of goods soldb. Merchandise inventoryc. Cost of goods soldEnding inventory

Name: Please Introduction and all subparts answer please without plagiarism
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Please Introduction and all subparts answer please without plagiarism Ranns Supply uses a perpetual inventory system. On January 1, its inventory account had a beginning balance of $6,400,000. Rannsengaged in the following transactions during the yea