Ranns Supply uses a perpetual inventory system. On January 1, its inventory account had a beginning balance of 6,450,000. Ranns engaged in the following transactions during the year:.
1. Purchased merchandise inventory for 9,500,000
2. Generated net sales of 26,000,000
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?

The new york times (nov. 30, 1993) reported that “the inability of opec to agree last week to cut production has sent the oil market into turmoil . . [leading to] the lowest price for domestic crude oil since june 1990.” why were the members of opec trying to agree to cut production? so they could save more oil for future consumption so they could lower the price so they could raise the price why do you suppose opec was unable to agree on cutting production? because each country has a different production capacity because each country experiences different production costs because each country has an incentive to cheat on any agreement the newspaper also noted opec’s view “that producing nations outside the organization, like norway and britain, should do their share and cut production.” what does the phrase “do their share” suggest about opec’s desired relationship with norway and britain? opec would like norway and britain to keep their production levels high. opec would like norway and britain to act competitively. opec would like norway and britain to join the cartel.