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STATEMENT OF COMPREHENSIVE INCOME COST OF GOODS SOLD (Activity 1) Ashley owns a souvenir shop. Ashley purchased P 40,000 worth of souvenir items for resale at the beginning of February 2020 and another P 40,000 in August 2020. After her purchases in August, she found out that 50% of the items were defective. Although she returned half of the second purchase, she did not replenish it because she realized the stocks left from last year was still plenty. The inventory record on books is P 110,000. This year's ending inventory is P 35,000. Calculate the cost of goods Sold using the correct format. ACTIVITY IN: STATEMENT OF COMPREHENSIVE INCOME Using the General Ledger below extracted from the accounting books of Ashley Souvenir Shop, Prepare a multi-step Statement of comprehensive Income for the period ending December 31, 2020. Use the Cost of Goods Sold obtained in Activity 1. ASHLET SOUVENIR SHOP General Ledger Credit Debit 230,000 50,000 35,000 135,000 79,800 Cash in Bank Accounts receivable Inventory Furniture and Fixtures Equipment Accumulated Depreciation Accounts Payable Wages Payable Accrued Expenses Capital Sales Sales Commission Insurance Office Supplies Legal and Accounting Permits and Licenses Salaries Expense Utilities Expense Rent Travelling related to sales Shop Maintenance 11,000 12,000 12,500 7,200 45,000 860,000 10,000 15,000 24,000 8,000 2,500 150,000 86,400 78,000 8,000 36,000