Question: Question 16 (3 points) The 2011 and 2012 Balance Sheets for Jacob, Inc. contained the following entries: $754 12/31/2011 12/31/2012 Accounts receivable $239 $752 Inventories

Question 16 (3 points) The 2011 and 2012 Balance Sheets for

Question 16 (3 points) The 2011 and 2012 Balance Sheets for Jacob, Inc. contained the following entries: $754 12/31/2011 12/31/2012 Accounts receivable $239 $752 Inventories $876 Net fixed assets $338 $108 Accounts payable $399 $665 Jacob had materials purchases in 2011 of $1,771 and materials purchases in 2012 of $3,250. What did Jacob record as Cost of Goods Sold (COGS) on its 2012 income statement? (Record your answer without a dollar sign and without commas). Your

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