COST OF GOODS SOLD:

2019: 3,717,400

2020: 4,414,700

e. Inventory The company has the policy of stating all inventory on hand at the lower of cost and net realizable value. The company uses the direct method for any adjustments to inventory. NOTE - on the Statement of Earnings use Cost of Goods Sold from the trial balance - do not calculate the cost of goods sold. In the Excel spreadsheet, see the tab Inventory Detail to perform any necessary calculations. Inventory Items on Hand Item # Description Cost Selling Price Selling costs Market LCM 7% of selling price 14566SA X205 30 HP Machine 13,500.00 32,500.00 145669A X205 30 HP Machine 13,500.00 32,500.00 147502A X205 30 HP Machine 13,500.00 32,500.00 147503A X205 30 HP Machine 13,500.00 32,500.00 147504A X205 30 HP Machine 13,500.00 32,500.00 360010X G350 60 HP Machine 35,900.00 47,900.00 360011X G350 60 HP Machine 35,900.00 47,900.00 360012X G350 60 HP Machine 35,900.00 47,900.00 360013X G350 60 HP Machine 35,900.00 47,900.00 598750W 1500 100HP Machine 98,700.00 102,000.00 598751W 1500 100HP Machine 98,700.00 102,000.00 598752W 1500 100HP Machine 98,700.00 102,000.00 507,200.00 2,275.00 2,275.00 2,275.00 2,275.00 2,275.00 3,353.00 3,353.00 3,353.00 3,353.00 7,140.00 7,140.00 7,140.00