(Appendix) PRESENTATION OF SALES REVENUE AND COST OF GOODS SOLD. The accountant for Sneva, Inc., collected the following data for 19x’: LO3 REQUIRED:

Assume that Sneva uses the periodic system and records purchases and sales using the gross method. Prepare an income statement through gross margin including a computation of cost of goods sold. (Hint: Some of the data may not be relevant.) lol