\begin{tabular}{|c|c|} \hline \begin{tabular}{l} On December 31,2019 , her accounting \\ records show the following: \end{tabular} & \\ \hline Sales revenue & 50,000 \\ \hline Utilities for shop & 1,200 \\ \hline Inventory on December 31,2019$ & 9,400 \\ \hline Inventory on January 1,2019$ & 12,200 \\ \hline Rent for shop ..... & 4,600 \\ \hline Sales commisions $ & 4,700 \\ \hline Purchases of merchandise ... & 34,000 \\ \hline \end{tabular} Part One: Begin by calculating the cost of goods sold for the year. Penny's Posies Calculation of Cost of Goods Sold For the Year Ended December 31, 2019 Now prepare an income statement for Penny's Posies, a merchandiser, for the year ended December 31, 2019. Part Two: Requirement 1. Calculate the Cost of Goods Manufactured for Floral World Manufacturing for the year ended December 31, 2020. Begin by calculating the direct materials used during the year. Start the calculation for cost of goods manufactured by calculating the direct materials used. Data table \begin{tabular}{|c|c|} \hline \begin{tabular}{l} On December 31,2019 , her accounting \\ records show the following: \end{tabular} & \\ \hline Sales revenue & 50,000 \\ \hline Utilities for shop & 1,200 \\ \hline Inventory on December 31,2019$ & 9,400 \\ \hline Inventory on January 1,2019$ & 12,200 \\ \hline Rent for shop ..... & 4,600 \\ \hline Sales commisions $ & 4,700 \\ \hline Purchases of merchandise ... & 34,000 \\ \hline \end{tabular} Part One: Begin by calculating the cost of goods sold for the year. Penny's Posies Calculation of Cost of Goods Sold For the Year Ended December 31, 2019 Now prepare an income statement for Penny's Posies, a merchandiser, for the year ended December 31, 2019. Part Two: Requirement 1. Calculate the Cost of Goods Manufactured for Floral World Manufacturing for the year ended December 31, 2020. Begin by calculating the direct materials used during the year. Start the calculation for cost of goods manufactured by calculating the direct materials used. Data table