Inventory at the beginning of the year cost $14,200. During the year, the company purchased (on account) inventory costing $88,000. Inventory that had cost $84,000 was sold on account for $98,200. At the end of the year, inventory was counted and its cost was determined to be $18,200.
a. Calculate the cost of goods sold.
b. What was the dollar amount of Gross Profit?