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.