Question 1 COST OF GOODS SOLD Below are given selected data of Ali & Co. during January 2013:

Sales ? Less: Cost of Goods Sold Merchandise (Opening) (1/10 of sales) ? Add: Purchases ? Add: Transportation in ? ,000 Less: Purchases return 5,000 Less: Purchases discount 5,000 Net Purchases ? 0 Goods Available for Sales ? Less: Merchandise Closing (2 times of Merchandise Opening) (?) Cost of goods sold (60% of sales or 0.80 of purchases) (?) Gross Profit 40,000 0 REQUIRED: Prepare revise above Statement.