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Consider the following partially completed income statements for merchandising companies and compute the missing amounts: .: (Click the icon to view the Income Statements.) Data
Consider the following partially completed income statements for merchandising companies and compute the missing amounts: .: (Click the icon to view the Income Statements.) Data Table Laura's Bakery Fit Apparel Net Sales Revenue $ 102,000 Cost of Goods Sold: Laura's Bakery Fit Apparel 28,000 $ 102,000 (d) Net Sales Revenue Cost of Goods Sold: 47,000 Beginning Merchandise Inventory Purchases and Freight In Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold Beginning Merchandise Inventory 28,000 87,000 (2,400) (a) 47,000 (2,400) (e) Purchases and Freight In Cost of Goods Available for Sale 62,000 (b) (2,400) 87,000 (2,400) Gross Profit 40,000 116,000 Ending Merchandise Inventory Cost of Goods Sold Selling and Administrative Expenses 86,000 62,000 (f) $ 13,000 Operating Income Gross Profit 40,000 116,000 86,000 Selling and Administrative Expenses (c) 13,000 (g) Operating Income $ Print Done
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