Prepare financial statements for Drake Company for the year. But first.....

Calculate and record the Cost of Goods Sold expense: The ending inventory balance currently shows a $$279,000$ balance before adjustments. After counting and pricing it using FIFO, only $$33,000$ remains in inventory. Reduce inventory $($credit entry$)$ to its proper balance and adjust the COGS for the inventory that is gone. The income tax rate is $30\%.$

$\backslash$table$[[$Accounts payable,,$$31,000$