Goods available for sale can: be sold and then become cost of goods sold on the income statement not be sold and thus are not reported as Cost of Goods Sold on the balance sheet not be sold and thus are reported as Inventory on the income statement be sold and thus reported as Cost of Goods Sold on the balance sheet A firms beginning inventory is $33,000, goods purchased during the period cost $118,000, and the cost of goods sold for the period is $138,000. What is the amount of its ending inventory?

rev: 03_16_2016_QC_CS-45640

$43,000

$20,000

$23,000

$13,000

What is the amount of gross profit?

$86,000$62,400$74,200$77,400

A company reported the following:

Cost of Goods Sold	$284,000
General, Selling and Administrative Expenses	15,000
Income Tax Expense	3,200
Inventory	28,500
Net Income	59,200
Sales Revenue	370,000
Sales Discounts	5,100
Sales Returns and Allowances	3,500