i Kumakari is a smal furniture store It has annual Scenario: Kumakari Furniture 1 00 000 re $706,000 and transportation charges are 16.700 Over the y00 mantenanc 000, ending inventory (at cost) is $270,000 The yearly purchases in salaries & commission and spent 900,000 ost 136,000, while other operating expenses came to $16,000 for the year Alyear store current assets of 5050,000 and fived assets of $1,000,000,he i had current tltes adverlising insurance cosl 94.600, mavitena end the 766,000 and fixed kabilities of 8000.000 The store's most popular item is the Stkley chai. This is one item Kumakari does have out of stock Kumakari selia 1 ilickley ohair every 4 days and wants to keop a safety slock of 3 chairs The lead time for the chairs is 20 days Besides furniture, Kumakari sells handmade t gs from the Misdlie Eastem, specifioaly 12X16 selling pree and bels "se Bakhtiari nes fr s2500 " Dakhtiani style rugs. Generally, the store sells 60 premium hand knotted Bakntiari rug each year Kumakan has a 50% mark up on ypically costs 5000 to place an order for Bakntiarl nugs through a rug troker, and typcalily e store has a 10% annual carrying cost 14. Refer to Kumakari Furniture scenarko, caloulate the cost of goods sold (show work to get credit) (1 pts 5 Refer to Kumakari Furniture scenario, complete the following P&L statement pts.) Net Sales Cost of Goods Sold Gross Profits Operating Expenses Salaries & Commission Advertising Insurance Maintenance Other Operating Total Cost Net Profit Before Taxes Interest Taxes Net Profits after Taxes $52,800 $52,550 i Kumakari is a smal furniture store It has annual Scenario: Kumakari Furniture 1 00 000 re $706,000 and transportation charges are 16.700 Over the y00 mantenanc 000, ending inventory (at cost) is $270,000 The yearly purchases in salaries & commission and spent 900,000 ost 136,000, while other operating expenses came to $16,000 for the year Alyear store current assets of 5050,000 and fived assets of $1,000,000,he i had current tltes adverlising insurance cosl 94.600, mavitena end the 766,000 and fixed kabilities of 8000.000 The store's most popular item is the Stkley chai. This is one item Kumakari does have out of stock Kumakari selia 1 ilickley ohair every 4 days and wants to keop a safety slock of 3 chairs The lead time for the chairs is 20 days Besides furniture, Kumakari sells handmade t gs from the Misdlie Eastem, specifioaly 12X16 selling pree and bels "se Bakhtiari nes fr s2500 " Dakhtiani style rugs. Generally, the store sells 60 premium hand knotted Bakntiari rug each year Kumakan has a 50% mark up on ypically costs 5000 to place an order for Bakntiarl nugs through a rug troker, and typcalily e store has a 10% annual carrying cost 14. Refer to Kumakari Furniture scenarko, caloulate the cost of goods sold (show work to get credit) (1 pts 5 Refer to Kumakari Furniture scenario, complete the following P&L statement pts.) Net Sales Cost of Goods Sold Gross Profits Operating Expenses Salaries & Commission Advertising Insurance Maintenance Other Operating Total Cost Net Profit Before Taxes Interest Taxes Net Profits after Taxes $52,800 $52,550