Question :
The Gargantuan Company has the subsequent transactions during December. Purpose a combined cost of goods sold and Income Statement showing all these transactions and check the value of inventory to be added in the Balance Sheet at the end of December.
Inventory 1 December 120,000
Rental 30,000
Salaries & Wages 45,000
Sales 435,000
Depreciation 12,000
Inventory 31 December 150,000
Marketing expenses 15,000
Gross profit 165,000