Compute the cost of goods purchased

Reference no: EM131807826

The following account balances for Gbosibustas, Inc. are from 2016.

Merchandise inventory. January 1. 2016	511,000
Merchandise tavcotory. Detanber 31.2016	521.000
Utilities	530.000
Distribution, customenscnice, and marketing coats	$7,000
General and administrative costs	550.000
Purchases	5123,000
Transportation (In-bound freight cost)	510.000
'^,archaic mums ad allowances	$1,000
Purchase discounts	55,000
Miscellaneous costs	52.000
Revenues	$560030

Please show all work.

The following account balances for Ghostbusters, Inc. are from 2016.

Compute the cost of goods purchased.

Compute the cost of goods sold.

Prepare the income statement for 2016.

Reference no: EM131807826

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