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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.) i Data
Consider the following partially completed income statements for merchandising companies and compute the missing amounts: (Click the icon to view the Income Statements.) i Data Table Laura's Bakery Rustic Gear Net Sales Revenue $ 98,000 Cost of Goods Sold: Laura's Bakery Rustic Gear 30,000 Net Sales Revenue $ 98,000 $ (d) Beginning Merchandise Inventory Purchases and Freight In Cost of Goods Available for Sale 49,000 Cost of Goods Sold: 90,000 (1,900) Beginning Merchandise Inventory Ending Merchandise Inventory (1,900) (a) 49,000 30,000 (e) Purchases and Freight In Cost of Goods Sold 58,000 Cost of Goods Available for Sale Gross Profit 40,000 111,000 (b) (1,900) 90,000 (1,900) Ending Merchandise Inventory Selling and Administrative Expenses 85,000 Cost of Goods Sold 58,000 (f) $ 14,000 Operating Income Gross Profit 40,000 111,000 Selling and Administrative Expenses (c) 14,000 85,000 (g) Operating Income $
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