Question: Not sure if my numbers are correct. Need help with filling in blanks. How do I get cost of goods sold and deppreciation in this

 Not sure if my numbers are correct. Need help with filling

Not sure if my numbers are correct. Need help with filling in blanks. How do I get cost of goods sold and deppreciation in this example?

Sweet Motors, Inc., was formed on January 1, 2018. The following transactions occurred during 2018: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Prepare Sweet's income statement for the year ended December 31, 2018. Use the single-step format, with all revenues listed together and all expenses together. Sweet Motors, Inc. i More Info Income Statement Year Ended December 31, 2018 On January 1, 2018, Sweet issued its common stock for $430,000. Early in January, Revenue: Sweet made the following cash payments: a. $160,000 for equipment Sales revenue 504,000 b. $234,000 for inventory (six cars at $39,000 each) Expenses: c. $18,000 for 2018 rent on a store building Cost of goods sold In February, Sweet purchased four cars for inventory on account. The cost of this inventory was $192,000 ($48,000 per car). Before year-end, the company paid off Salary expense 60,000 $115,200 of this debt. The company uses the first-in, first-out (FIFO) method to account Depreciation expense for its inventory During 2018, Sweet sold seven autos for a total of $504,000. Before year-end, it had Rent expense 18,000 collected 40% of this amount. The business employs two people. The combined annual payroll is $60,000, of which Income tax expense 22,000 Sweet owes $8,000 at year-end. At the end of the year, the company paid income taxes of $22,000. Net income (loss) Late in 2018, Sweet declared and paid cash dividends of $12,000. For equipment, Sweet uses the straight-line depreciation method, over five years, with zero residual value. Choose from any list or enter any number in the input fields and then clil 5 parts Print 5 remaining Done

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