3a A company reported the following Cost of Goods Sold $ 290,000 General, Selling, and Administrative Expenses 9,000 Income Tax Expense 7,350 Inventory 13,500 Net Income 110,650 Sales Revenue 425,000 Sales Discounts 4,500 Sales Returns Allowances 3,500 What is the amount of gross profit 3b The following is a listing of some of the balance sheet accounts and all of the income statement accounts for Northview Company as they appear on the companys adjusted trial balance Accounts Payable $ 16,000 Accounts Receivable 28,000 Inventory 23,400 Advertising Expense 20,500 Cost of Goods Sold 157,000 Delivery Expense 7,700 Income Tax Expense 2,000 Insurance Expense 1,000 Rent Expense 18,800 Sales Revenue 330,000 Sales Discounts 9,300 Sales Returns Allowances 44,500 Income from Operations would be 3c Windsor, Inc uses a perpetual inventory system and reported $516,500 of inventory at the beginning of the month based on a physical count of inventory During the month, the company bought $60,200 of inventory and sold inventory that had cost $42,750 At the end of the month, the physical count of inventory shows $520,000 on hand How much shrinkage occurred during the month

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3a. A company reported the following: Cost of Goods Sold $ 290,000 General, Selling, and Administrative Expenses 9,000 Income Tax Expense 7,350 Inventory 13,500 Net

3a. A company reported the following:


Cost of Goods Sold	$	290,000
General, Selling, and Administrative Expenses		9,000
Income Tax Expense		7,350
Inventory		13,500
Net Income		110,650
Sales Revenue		425,000
Sales Discounts		4,500
Sales Returns & Allowances		3,500

What is the amount of gross profit?

3b.

The following is a listing of some of the balance sheet accounts and all of the income statement accounts for Northview Company as they appear on the companys adjusted trial balance.


Accounts Payable	$	16,000
Accounts Receivable		28,000
Inventory		23,400
Advertising Expense		20,500
Cost of Goods Sold		157,000
Delivery Expense		7,700
Income Tax Expense		2,000
Insurance Expense		1,000
Rent Expense		18,800
Sales Revenue		330,000
Sales Discounts		9,300
Sales Returns & Allowances		44,500

Income from Operations would be:

3c. Windsor, Inc. uses a perpetual inventory system and reported $516,500 of inventory at the beginning of the month based on a physical count of inventory. During the month, the company bought $60,200 of inventory and sold inventory that had cost $42,750. At the end of the month, the physical count of inventory shows $520,000 on hand. How much shrinkage occurred during the month?