Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Beginning finished goods, 1/1/2015 $ 46,000 Ending finished goods, 12/31/2015 38,000 Cost of goods sold 250,000 Sales revenue 488,000 Operating expenses 112,000 What is operating

Beginning finished goods, 1/1/2015 $ 46,000

Ending finished goods, 12/31/2015

38,000

Cost of goods sold

250,000

Sales revenue

488,000

Operating expenses

112,000

What is operating income for 2015?

I am thinking that it is $126,000, but I would like to be sure.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cornerstones of Managerial Accounting

Authors: Maryanne M. Mowen, Don Hanson, Dan L. Heitger, David McConomy, Jeffrey Pittman

2nd Canadian edition

978-0176721237, 978-0176530884

More Books

Students also viewed these Accounting questions

Question

1. Develop a plan for fi nancial future.

Answered: 1 week ago

Question

Describe ERP and how it can create efficiency within a business

Answered: 1 week ago