Calculating COGS and Gross Profit: Sales, Inventory, and

COGS and I/S Exercise 4 For each of the following, calculate the COGS and the gross profit: SalesBeginning InventoryPurchasesEnding InventoryCOGS 1500,00032,00010,00020,000 2650,57085,600400,00080,000 3288,88065,550110,00060,500 4195,00033,80080,00035,000 5700,00048,500140,00050,000 Below is a simple trial balance and the ending inventory amount for London retailers at the end of December 3 Ending inventory is $20,000.Calcualte the COGS.Then create an income statement using the I/S template. Toronto Retailers Trial Balance December 31, 2020 AccountsDRCR Bank2,500 Accounts Receivable27,000 Merchandise Inventory35,000 Supplies1,500 Automobile18,000 Accumulated Amortization - Automobile5,000 Equipment27,000 Accumulated Amortization - Equipment4,500 Accounts Payable6,555 T. Wilkes, Capital66,395 T. Wilkes, Drawings5,000 Sales65,000 Purchases22,000 Advertising Expense700 Car Expense1,250 Rent Expense2,000 Utilities Expense1,000 Wages Expense4,500 Total147,450147,450