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Unformatted text preview: 414,980 - End Inventory WIP 100 COGM 415,000 COMET COMPUTER CORPORATION Schedule of Cost of Goods Sold For the Year Ended December 31, 2010 Finished-goods inventory, January 1 200 Add: Cost of Goods Manufactured (COGM) 415,000 * Cost of goods available for sale 415,200 Finished -goods inventory, December 31 190 Cost of Goods Sold (COGS) 415,010 * From the Schedule of Cost of Goods Manufactured FORMULA USED TO COMPUTE (COGS): Beg. Inventory FG 200 + COGM 415,000 - End Inventory FG 190 COGS 415,010 COMET COMPUTER CORPORATION Income Statement For the Year Ended December 31, 2010 Sales revenue 700,000 Less: Cost of Goods Sold (COGS) 415,010 Gross Marging 284,990 Selling and administrative expenses 174,490 Income before taxes 110,500 Income tax expense 30,000 Net Income 80,500...
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- Spring '11