XYZ Co., a retail department store, purchased 100 coats for resale at $50 each at the beginning of the year. In June, it purchased an additional 100 coats for $70 each. By year end, it had sold 150 coats. What is its cost of goods sold under FIFO? $8500 $12,000 $12,000 $9,500

Identify the purpose of the statement of comprehensive income.

		Lists company assets and liabilities.
		Records the profitability of a company.
		Summarizes the companys operations.
		Records company cash flows.