The information that follows was taken from a single proprietorship's income statement.

\section*{Required}
Prepare calculations to determine

(a) total operating expenses,

(b) cost of goods sold, and

(c) ending inventory.
\section*{Exercise 5-11}
Preparing a work sheet for a merchandising corporation (L.O. 3)

Transcribed Image Text:

Sales $180,000 Purchases returns. Sales returns 1,200 Purchases discounts Sales discounts. 2,400 Transportation-in Beginning inventory. 48,000 Gross profit from sales. Purchases 114,000 Net loss $ 600 1,800 3,600 56,400 4,800