Part One Begin by calculating the cost of goods sold for the year Patty's Posies Calculation of Cost of Goods Sold For the Year Ended December 31, 2016 Data Table On December 31, 2016, her accounting records show the following Sales revenue Uilities for shop Inventory on December 31, 2016 Inventory on January 1, 2016 Rent for shop. Sales commisions Purchases of merchandise Less: 57,000 1,600 9,300 $ 12.100 3.400 4,300 $ 34.000 Now prepare an income statement for Patty's Posies, a merchandiser, for the year ended December 31, 2016 . . Patty's Posies Income Statement For the Year Ended December 31, 2016 Less: Print Done Less