Q-2) The list of accounts of Guardian Company contained the following information:

Accounts	Amount $
Sales	750,000
Sales Returns and Allowances	20,000
Rent Expense	5,000
Purchases	600,000
Sales Discounts	7,000
Purchase Returns and Allowances	25,000
Cost of Goods Sold	?
Interest Revenue	15,000
Sales commission	15,000
Purchase Discounts	11,000
Interest Expense	10,000
Freight-out	2,000
Store Salaries Expense	50,000
Freight-in	19,000
Utilities Expense	28,000
Depreciation Expense	7,000
Dividend revenue	5,000
Beginning inventory	45,000
Rent Revenue	10,000
Ending inventory	55,000
Lawsuit defrayal expense	8000
Accumulated depreciation	15000

Instruction:

Use the above information to prepare a multiple-step income statement for the year ended December 31, 2019. (Show the calculation of COGS) (20 marks)