Practice Problem 1- Calculate Cost of Goods Sold The following information was taken from the records of XYZ Company: Sales Ending RM Inventory 2,900,000 130,000 Ending FG Inventory 885,000 Selling Expense 450,000 Depreciation Expenses 110,000 Beginning FG Inventory 420,000 Administrative Expenses 395,000 Beginning RM Inventory 100,000 Purchases 2,150,000 Calculate the cost of goods sold for XYZ Company