6.Referring to the format presented in following table, calculate gross profit and net

income or net loss for each of the following- 5 marks

A B C D E

Net Sales $14,000 $102,000 $68,000 $540,000 $398,000

COGS 8,000 64,000 31,000 320,000 215,000

Gross Profit

Operating

Expenses

9,000 31,000 22,000 261,000 106,000

Net Income

Or Net Loss

7. Use the following information to calculate the value of inventory on hand on Mar 31 and cost

of goods sold during March in FIFO perpetual inventory system . 10 marks

March 1 Beginning Inventory 80 units @ $ 15.00 per unit

5 Purchase 140 units @ 15.50 per unit

9 Sale 94 units @ 16.00 per unit

11 Purchase 40 units @ 16.00 per unit

16 Purchase 78 units @16.50 per unit

20 Sale 114 units @19.50 per unit

21 Sale 62 units @ 21.00 per unit

8. On July 10 TechCom receives a $1,000, 90-day, 6% promissory note at the time of a sale.