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Consider the following partially completed income statements for merchandising companies and compute the missing amounts View the Income Statements Net Sales Revenue Cost of
Consider the following partially completed income statements for merchandising companies and compute the missing amounts View the Income Statements Net Sales Revenue Cost of Goods Sold Beginning Merchandise Inventory Purchases and Freight in Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses Operating Income $ $ Lee Supply 98,000 50,000 (2,000) 58,000 40,000 15,000 Laura's Bakery $ 29,000 87,000 (2,000) 110,000 84,000 Income Statements Net Sales Revenue Cost of Goods Sold Beginning Merchandise Inventory Purchases and Freight in Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses Operating Income Lee Supply $ 96,000 (a) 50,000 (b) (2.000) 58,000 40,000 (c) 15,000 Laura's Bakery $(d) 29,000 (0) 87,000 (2.000) (1) 110,000 84,000 $ (g) 1
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