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Gross Profit Section of Departmental Income Statement Nicole Lawrence and Josh Doyle are partners in a business that sells cheerleading uniforms. They have organized the
Gross Profit Section of Departmental Income Statement Nicole Lawrence and Josh Doyle are partners in a business that sells cheerleading uniforms. They have organized the business, called L and D Uniforms, on a departmental basis as follows: letters, sweaters, and skirts. At the end of the first year of operation, the sales and cost of goods sold for the three departments are as follows: Letters Sweaters Skirts Sales $3,000 $12,000 $8,000 Cost of goods sold 1,400 5,900 4,750 Prepare the gross profit section of a departmental income statement for the year ended December 31, 20. Show the gross profit for each department and for the business in total. L and D Uniforms Departmental Income Statement (Partial) For Year Ended December 31, 20- Letters Department Sweaters Department Skirts Department Total Sales $3,000 Cost of goods sold Gross profit $12,000 00 $8,000
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