You own a store. Beginning inventory on January 1 was $7,000. Ending inventory on December 31 was $3,500. You purchased $25,000 of new merchandise during the year. Sales revenue for the year was $47,000. Selling, general, and administrative (SG&A) costs for the year were $4,000.

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(-12 Points] DETAILS MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER Question 2: Cost flows, income statement You own a store. Beginning inventory on January 1 was $7,000. Ending inventory on December 31 was $3,500. You purchased $25,000 of new merchandise during the year. Sales revenue for the year was $47,000. Selling, general, and administrative (SG&A) costs for the year were $4,000. a) Compute the cost of goods sold (COGS) for the year. b) Prepare the income statement for the year. Revenue 47000 COGS 28500 Gross Margin SG&A costs 4000 Profit Submit Answer Viewing Saved Work Revert to Last Response