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The income statement for Ib8-9p Company for 2022 is shown below: Sales revenue ............... $563,000 Cost of goods sold .......... ? Salaries expense ............ ?
The income statement for Ib8-9p Company for 2022 is shown below: Sales revenue ............... $563,000 Cost of goods sold .......... ? Salaries expense ............ ? Net income .................. 102,000 The following balances were taken from Ib8-9p Company's balance sheets: January 1, 2022 December 31, 2022 Salaries payable 61,000 87,000 Assume Ib8-9p Company paid $113,000 cash to its employees for salaries during 2022. Calculate the amount of cost of goods sold shown in Ib8-9p Company's 2022 income statement.
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