On January 1, 2014, Clover Corporation had inventory of $50,000. At December 31, statement items. 2014, Clover

Question:

On January 1, 2014, Clover Corporation had inventory of $50,000. At December 31, statement items. 2014, Clover had the following account balances.

(LO 6) Freight-in $ 4,000 Purchases 509,000 Purchase discounts 6,000 Purchase returns and allowances 8,000 Sales revenue 840,000 Sales discounts 7,000 Sales returns and allowances 11,000 At December 31, 2014, Clover determines that its ending inventory is $60,000.

Instructions

(a) Compute Clover’s 2014 gross profit.

(b) Compute Clover’s 2014 operating expenses if net income is $130,000 and there are no nonoperating activities.

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