Outdoor Amenities is a manufacturer of backyard and deck furniture. Its products are in high demand, and
Question:
Outdoor Amenities is a manufacturer of backyard and deck furniture. Its products are in high demand, and it carries no inventory. Following is a list of selected account balances from its trial balance for the most recent year ended December 31 (in no particular order).
Requirements:
Using the income statement accounts in the table, calculate:
1. Cost of goods sold.
product costs since there is no inventory.
2. Operating expenses.
3. Gross profit 4. Operating income
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