Data Table Part One: In 2018, Paula Smith opened Paula's Posies, a small retail shop selling floral arrangements (Click the icon to view the records.) Read the requirement (Part One) On December 31, 2019, her accounting records show the following: $ 54,000 $ 2.000 Part One: Begin by calculating the cost of goods sold for the year. Paula's Posies Calculation of Cost of Goods Sold For the Year Ended December 31, 2019 9,300 Sales revenue Utilities for shop Inventory on December 31, 2019 Inventory on January 1, 2019 Rent for shop Salos commisions Purchases of merchandise $ 12,700 $ 4,200 $ 5,000 $ 35,500 Plus: Loss: Print Done Now prepare an income statement for Paula's Posies, a merchandiser, for the year ended December 31, 2019, Now prepare an income statement for Paula's Posies, a merchandiser, for the year ended December 31, 2019. Paula's Posies Income Statement For the Year Ended December 31, 2019 Less: Less: Da There For the Year Ended December 31, 2019 Beginning inventory Cost of goods available for sale Cost of goods sold Ending inventory Rent expense Purchases Sales commissions expense Utility expense erchandiser, for the year end