You own a small store. Your beginning inventory as of 1/1/20X9 was $8,000, ending inventory as of 12/31/20X9 was $3,500. You purchased $29,000 of new goods in 20X9. Your sales revenue for 20X9 was $51,000. Your selling and administrative (S&A or period) costs for 20X9 were $6,000. Required: a) How much was the cost of goods sold (COGS) for 20X9? b) Prepare the income statement for 20X9:

Sales Revenue
COGS
Gross Margin
S&A
Profit