Given the Adjusted Trial Balance shown below, formal Schedule of Cost of Goods Sold, an Income Statement and a Classified Balance Sheet for World Wide Widget Company for the year ending December 31, 2008. The Ending Inventory, found through a physical count, is $26,500.

World Wide Widget Company Schedule of cost of goods sold For the year ending December 31st, 2008 Inventory at January 1, 2009 34,500 Purchases 23,000 Less: purchases discounts 450 Less: purchases return/allowance: 600 1,050 Net purchases 21,950 Transportation in 560 Cost of goods available for sale 22510 Less: Inventory at December 31, 2009 26,500 Cost of goods soldFor the year ending december 31 2008 Revenue Sales 72,500 Less: sales returns/allowances 1000 Less: sales discounts 850 Net sales 70,650 Cost of goods sold 107,560 Gross profit 44,150 Operating expenses Salaries 12,000 Advertising 2,300 Insurance expense 1,200 Telephone 1,200 Supplies expense 560 Depeciation expense equiptment 5,000 22,260 Net income 173,970Assets Current Assets Cash 8,500 Accounts Receivable 3,400 11900 Inventory Supplies 34,500 Fixed Assets 800 Equiptment 20,000 55300 Accumulated depreciation 67200 Total assets Liabilities And owner equity Current liabilities 5,000 Accounts payable 2,300 Hst payable -2,600 Hst recoverable 550 7850Total liabilities 7850 Equity W. Widget capital december 1st 34,970 Net income 21,900 Drawings 3,000 24,900 W. Widget capital december 31st 59870 Total liabilities and owners equity 67720Cash $ 8,500 Accounts Receivable 3,400 Inventory 34,500 Supplies 800 Equipment 20,000 Accumulated Depreciation, Equipment $ 5,000 Accounts Payable 2,300 HST Payable 2,600 HST Recoverable 550 W. Widget, Capital 34,970 W.Widget, Drawings 3,000 Sales 72,500 Sales Returns/Allowances 1,000 Sales Discounts 850 Purchases 23,000 Purchase Returns/Allowances 600 Purchase Discounts 450 Transportation-In 560 Salary Expense 12,000 Telephone Expense 1,200 Advertising Expense 2,300 Supplies Expense 560 Insurance Expense 1,200 Depreciation Expense, Equipment 5,000 $ 118,420 $ 118,420