Prepare the Statement of Profit or Loss for Ekerele Enterprises for the year ended 31st December 2019.

You're on a roll — To prepare the Statement of Profit or Loss for Ekerele Enterprises for the year ended 31st December 2019, we will use the provided balances from the trial balance and the additional information. Statement of Profit or Loss for Ekerele Enterprises For the Year Ended 31st December 2019 Step 1: Calculate Net Sales Net Sales is calculated by deducting Returns Inwards from Sales. Sales &= ₦243,120 \\ Less: Returns Inwards &= ₦6,860 \\ Net Sales &= ₦243,120 - ₦6,860 \\ &= ₦236,260 Step 2: Calculate Cost of Goods Sold (COGS) COGS includes opening inventory, purchases, direct costs related to purchases, and direct wages, less returns outwards and closing inventory. Opening Inventory (31st Dec 2018) &= ₦8,396 \\ Add: Purchases &= ₦152,408 \\ Add: Carriage on Purchases &= ₦23,912 \\ Add: Direct Wages &= ₦14,468 \\ Less: Returns Outwards &= ₦8,460 \\ Cost of Goods Available for Sale &= ₦8,396 + ₦152,408 + ₦23,912 + ₦14,468 - ₦8,460 \\ &= ₦190,724 \\ Less: Closing Inventory (31st Dec 2019, from additional info (a)) &= ₦102,800 \\ Cost of Goods Sold &= ₦