CASE STUDY QUESTION 2 Cost of Goods Sold In September, Wally's Wallpaper Company had the following transactions relating to sales and cost of goods sold: - Wally sold 500 rolls of wallpaper at $10 each. All of the wallpaper sold was of one design. - Inventory on the 1st of September was 100 rolls of wallpaper at $3 each. -On September 3, Wally bought 300 rolls of wallpaper wholesale, at $4 each." -On September 18, he found that the wholesale price of the wallpaper had gone up to $5 each, but he had to have some, so he bought 250 rolls at $5 each. Inventory at the end of the month was 150 rolls of wallpaper.(Wally values his inventory on a first in, first out basis.) Your assignment: Make up an accrual basis report of sales and cost of goods sold, similar to those for the Spouse House Company in this chapter. I've created a Template for the Basis Report for you and it can be found in Excel Document until the "COGS" Sheet. (Ctr)