Q4. Lobo Company merchandises a single product called Piel. The following data represent beginning inventory and purchases of Piel during the past year: January 1 inventory, 68,000 units at $11.00; March purchases, 80,000 units at $12.00; June sell 78,000 units at $20.00; August purchases, 120,000 units at $14,00; November sell 150,000 units at $22,00. Selling and administrative expenses totaled $5,102,000 for the year, and Lobo Company uses the perpetual inventory system to update inventory and COGS items. Fnally, the company adopt the FIFO method to calculate the value of COGS. QUESTION: 1. Calculate COGS figure as of December 31. 2. Construct a Multi-step Income Statement to present Net Income value