If the 2021 Trial Balance contains:

Inventory, Finished Inventory, Sales, Raw Material Expense, Raw Material Purchase, Labor Wages, Management Salaries, Repair & Maintenance.

However, the 2020 Balance Sheet show Inventory $525,144

How to calculate COGS? Whether it is: Sales - (Raw Material Expense + Raw Material Purchase + Beginning Inventory (from 2020) - Ending Inventory (from 2021)) - Labor Wages/Salaries - Repair & Maintenance?

2020 December 31

Balance Sheet: Inventory $525,144

2021 December 31

Trial Balance: Inventory $441005

Finished Goods Inventory $4120

Sales$2,385,103.40

Raw Materials (Resin)$557230.23

Resin Bought from Flos $227,390.67

Wage&Salaries$1,001,099.90

Management Wages$547,348.71

Wages Subsidies$512,008.31

Repair and Maintenance$91592.02

Exhibit 1 Wuf Plastics Inc. Wuf Plastics Inc. Income Statement for the year-ended September 30, 2020 Balance Sheet as at September 30, 2020 2020 2019 2020 2019 Notes Revenue Notes Revenue Current Assets Notes Current Assets $ 5.054.877 Revemac $ 6.972.673 Cash and cash equivalents $ 514,192 Cash and short term investments $ Revenue Other Revenue 349.235 697,236 1,794,283 3 Other Revenue $ 1.254.653 Accounts Receivable Accounts Receivable $ 5,604.112 $ 8,227,326 Government Remittances Recoverable 152,063 Foreign Exchange Receivable 106,012 Total Total Inventory 525,144 Inventory 472,751 Cost of Goods Sold Cost of Goods Sold Prepaid expenses and deposits 58,514 Prepaid expenses and deposits ,763 Material $ 2.996.788 Material $ 3,834.659 Total Current Assets 1,947,149 Total Current Assets 2,382,809 Labour $ 1.346.373 Labour 2.016.451 Repairs and Maintenance 112.280 Repairs and Maintenance 162,850 Total Direct Cost 4.455.441 Total Direct Cost $ 6,013.960 Gross Profit $ 1,148,671 Gross Profit $ 2,213,366 Administrative and General Expenses Administrative and General Expenses Marketing 1,522 Marketing 8.332 Automotive & Travel Expenses 33.411 Automotive & Travel Expenses 39.393 Bad Debt (7.725) Bad Debt 15.740 Interest and bank charges 9.274 Interest and bank charges 13.430 Insurance Benefits 143 341 Insurance Benefits 190.379 Interest on long-term debt 48.235 Interest on long-term debt $2.753 Interest on capital lease obligations 4.308 Interest on capital lease obligations 3.823 86 406 Office 176 767 LAINIWIL Wut Plastics Inc. Trial Balance As at 05/31/2021 Account No. Account Description Debits Credits 1010 Bank - TDCT (CDN) 0.00 0.00 4200 Sales 0.00 2,385,103.40 1020 Bank - HSBC 0.00 0.00 4220 Sales Returns 0.00 0.00 1030 Desflowers Share Account 5.00 0.00 4240 Sales Discounts 0.00 0.00 1060 Petty Cash 30.10 0.00 4310 Scrap Revenue 0.00 31,407.77 1063 Desflowers Credit Union 30.407.00 0.00 4330 Mold Revenue (New Molds) 0.00 220,718.54 1 100 Investments 0.00 0.00 4460 Misc Revenue 0.00 41,541.69 1200 Accounts Receivable 920,561.02 0.00 4461 Interest Income 0.0 169.00 1205 Allowance for Doubtful Accounts 0.00 0.00 5010 Raw Material (Resin) 557,230.23 0.00 1220 Payroll Advances 0.00 0.00 5122 Resin bought from Flos 227,390.67 0.00 1310 Prepaid Deposits 670.04 0.00 5410 Wages & Salaries 1,001,099.90 0.00 1320 Prepaid Deposits - Utilities 1,853.63 .00 5412 Management Wages 547,348.71 0.00 325 Prepaid Expense 44,511.13 ).00 5415 Wage Subsidies 0.00 512,008.31 1520 Inventory 441,005.00 ).00 5610 Accounting & Legal 0.00 0.00 1580 Finished Goods Inventory 4,120.00 0.00 5612 Consultant/Professional 97,564.00 0.00 1611 Related Party Loan USD 1,525,367.83 0.00 5615 Marketing 2,526.29 0.00 1612 FX on related party loan 462,857.17 0.00 5620 Bad Debts 0.00 0.00 1820 Equipment 2,488,325.76 0.00 5640 Office 128,756.00 0.00 1821 Amortization Equipment 0.00 755,321.12 5650 Currency Exchange & Rounding 78,784.12 0.00 1830 Machinery - Cranes 500,327.51 0.00 5660 Amortization Expense 224,000.00 0.00 1831 Amortization - Cranes 0.00 262,093.26 5680 Income Taxes 0.00 39,084.00 1834 Machinery 1,016,714.27 0.00 5685 Insurance 84,043.40 0.00