Award: 2.50 points QS 4-3 Merchandise accounts and computations LO C2 Kleiner Merchandising Company Accumulated depreciation Beginning inventory Ending Inventory Expenses Net Purchases Net Sales $ 700 14,000 8,400 2,350 18,300 27,500 Krug Service Company Expenses Revenues Cash Prepaid rent Accounts payable Equipment $ 10,300 32,000 1,000 920 200 3,100 Required a Compute gross profit, the goods available for sale, and the cost of goods sold for the merchandiser Hint: Not all information may be necessary. b. Use the above information from a service company and from a merchandiser to compute net income. a. Goods available for sale Cost of goods sold Gross profit b. Net income for Krug Service Company Net income for Kleiner Merchandising Company Hints