7.14. Example 14- cost of goods sold At the beginning of the financial year a business has $1,500 of inventory left over from the preceding accounting period. During the year they purchase additional goods costing $21,000 and make sales totaling $25,000. At the end of the year there are $3,000 of goods left that have not been sold. Prepare extracts of income statement and statement of financial position. Sample of extract of income statement