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A partial income statement for a company's most recent fiscal year follows: Sales $800,000 Inventory, January 1 $420,000 Add purchases (a) ___ Goods available for

A partial income statement for a company's most recent fiscal year follows:

Sales

$800,000

Inventory, January 1

$420,000

Add purchases

(a) ___

Goods available for sale

(b)

Inventory, December 31

470,000

Cost of goods sold

(c)

Gross margin

250,000

Deduct expenses:

Selling

(d)

Administrative

(e)

Income before taxes

(f)

Income taxes

(g)

Net income

(h)

Earnings per share (5,000 shares outstanding)

$4.20

Additional data: Selling expenses are 20 percent of sales, administrative expenses are 10 percent of cost of goods sold; the income tax rate is 40 percent. Required: Supply dollar amounts for blanks a through h. Computations may not be in the order presented.

  1. ____________

  1. ____________

  1. ____________

  1. ____________

  1. ____________

  1. ____________

  1. ____________

  1. ____________

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