Materials used in production Office supplies used in the customer service department (-/2 Points] DETAILS product period product period MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER Question 2: Cost flows, income statement You own a store. Beginning inventory on January 1 was $6,000. Ending inventory on December 31 was $3,500. You purchased $29,000 of new merchandise during the year. Sales revenue for the year was $49,000. Selling, general, and administrative (SG&A) costs for the year were $2,000. a) Compute the cost of goods sold (COGS) for the year. b) Prepare the income statement for the year. Revenue COGS Gross Margin SG&A costs Profit Submit Answer Enter a number 3. [-/2 Points] DETAILS Question 3: Cost terminology in manufacturing firms a) Direct materials include only major materials and components 9 72 W $ 54 #3 LL P 85 MY NOTES ASK YOUR TEACHER MacBook Pro <6 & 7 Y W M 8 9 6 C