The Gargantuan Company has the following transactions during December. Prepare a combined cost of goods sold and Income Statement showing all these transactions and identify the value of inventory to be included in the Balance Sheet at the end of December.

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Sales Opening stock Purchases 435,000 120,000 300,000 420,000 150,000 Closing stock Gross profit Rental Salaries & wages Depreciation Marketing expenses Net profit 270.000 3 165,000 30,000 45,000 12,000 15,000 102,000 63,000 Inventorv in Balance Sheet 150,000