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Please assist with the following, QUESTION 1 Partially correct Mark 21.00 out of...

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Accounting

Please assist with the following,

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QUESTION 1 Partially correct Mark 21.00 out of 37.00 Flag question Inferring Purchases Using Cost of Goods Sold and Inventory Balances Geiger Corporation, a retail company, reported inventories of $1,320,000 in 2016 and $1,460,000 in 2017. The 2017 income statement reported cost of goods sold of $6,980,000. a. Compute the amount of inventory purchased during 2017. $ 0 b. Prepare journal entries to record (1) purchases, and (2) cost of goods sold. General Journal Description Debit Credit (1) ntory 0 X 0 Cash 0 (2) Cost of goods sold 0 Inventory

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