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Sam Peters is the sole proprietor of Charismatic Cats a business specializing in the sale...

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Sam Peters is the sole proprietor of Charismatic Cats a business specializing in the sale of high end pet gifts and accessories Charismatic Cats sales totaled 1 060 000 during the most recent year During the year the company spent 53 000 on expenses relating to website maintenance 33 200 on marketing and 28 500 on wrapping boxing and shipping the goods to customers Charismatic Cats also spent 636 000 on inventory purchases and an additional 19 500 on freight in charges The company started the year with 19 800 of inventory on hand and ended the year with 13 100 of inventory Prepare Charismatic Cats income statement for the most recent year Begin by calculating the cost of goods sold for the year Charismatic Cats Cost of Goods Sold For Current Year Beginning inventory Plus Purchases and freight in Cost of goods available for sale Less Ending inventory Cost of goods sold 19 800 13 100

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