17 Be able to solve for any missing amount in the cost of goods sold equation 18 Be able to compute gross profit and the gross profit ratio 19 Be able to solve for any missing amount or profit number in the multiple step income statement Know the difference between gross profit, operating income, income before tax and net income 20 Know the difference between operating items and non operating items 21 Know how to solve for cost of good sold with the equation or with the multiple step income statement format 22 Know how to compute income tax expense 23 Know what is ciassified as operating expenses 24 Know what classifies as non operating revenues and expenses 25 Know how to compute ending inventory and cost of goods sold using FIFO 26 Know how to compute ending inventory and cost of goods sold using LIFO 27 Know how to compute ending inventory and cost of goods sold using weighted average 28 Know the impact on net income with price level changes (FIFO versus LiFO)

Question

17  Be able to solve for any missing amount in the cost of goods sold equation  18  Be able to compute gross profit and the gross profit ratio  19  Be able to solve for any missing amount or profit number in the multiple step income statement  Know the difference between gross profit, operating income, income before tax and net income  20  Know the difference between operating items and non operating items  21  Know how to solve for cost of good sold with the equation or with the multiple step income statement format  22  Know how to compute income tax expense  23  Know what is ciassified as operating expenses  24  Know what classifies as non operating revenues and expenses  25  Know how to compute ending inventory and cost of goods sold using FIFO  26  Know how to compute ending inventory and cost of goods sold using LIFO  27  Know how to compute ending inventory and cost of goods sold using weighted average  28  Know the impact on net income with price level changes (FIFO versus LiFO)

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17. Be able to solve for any missing amount in the cost of goods sold equation. 18. Be able to compute gross profit and the

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