(01 Marks Each=08) Question 1 COST OF GOODS SOLD Below are given selected data of Ali & Co. during January 2013: ? ? Sales Less: Cost of Goods Sold Merchandise (Opening) (1/10 of sales) Add: Purchases ? Add: Transportation - in ? Less: Purchases return 5,000 Less: Purchases discount 5,000 Net Purchases Goods Available for Sales Less: Merchandise Closing (2 times of Merchandise Opening) Cost of goods sold (60% of sales or 0.80 of purchases) Gross Profit ? ? (?) (2) 40,000 REQUIRED: Prepare revise above Statement