Question 16 (3 points) Page 1 The 2011 and 2012 Balance Sheets for Jacob, Inc. contained the following entries 1 12/31/2012 $530 Page 2 Accounts receivable Inventories Net fixed assets Accounts payable 12/31/2011 $201 $828 $827 S698 $512 $859 $135 2 Jacob had materials purchases in 2011 of 51,878 and materials purchases in 2012 of $2,655. What did Jacob record as Cost of Goods Sold (COGS) on its 2012 income statement? (Record your answer without a dollar sign and without commas). Page 3: 3 Your Answer: Page 4 Answer 4