$720,000 387,000 8,400 25,000 20,000 Salaries expense $245,000 Sales revenue Rent Expense 15,000 Cost of goods sold Sales returns 20,000 income tax expense Utilities expense 16,000 Interest expense 1,100 Inventory (begin) Interest income 4,200 Inventory (end) Determine 1 Net sales $ 2 Gross profit $ 3 Operating expenses $ 4 Operating income $ 5 Pretax income (IBT) $ 6 Net income $ 7 Purchases $ 8 Gross profit ratio (two decimal places) Use the following for 9 and 10 Units Beginning inventory 100 Purchase 1 500 Purchase 2 500 The company sold 1,090 units Cost per unit $25 00 $26 00 $27 00 9 Determine ending inventory using FIFO $ 10 Determine ending inventory using LIFO $

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$720,000 387,000 8,400 25,000 20,000 Salaries expense $245,000 Sales revenue Rent Expense 15,000 Cost of goods sold Sales returns 20,000 income tax expense Utilities expense 16,000 Interest expense 1,100 Inventory (begin) Interest income 4,200 Inventory (end) Determine  1  Net sales $ 2  Gross profit $ 3  Operating expenses $ 4  Operating income $ 5  Pretax income (IBT) $ 6  Net income $ 7  Purchases $ 8  Gross profit ratio (two decimal places)     Use the following for 9 and 10 Units Beginning inventory 100 Purchase 1 500 Purchase 2 500 The company sold 1,090 units Cost per unit $25 00 $26 00 $27 00 9  Determine ending inventory using FIFO  $ 10  Determine ending inventory using LIFO  $

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$720,000 387,000 8,400 25,000 20,000 Salaries expense $245,000 Sales revenue Rent Expense 15,000 Cost of goods sold...

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Intermediate Accounting

$720,000 387,000 8,400 25,000 20,000 Salaries expense $245,000 Sales revenue Rent Expense 15,000 Cost of goods sold...

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Intermediate Accounting

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