Question
Jones Brush Company sells standard hair brushes. The following information summarizes Jones's operating activities for 2024: Selling and Administrative Expenses $41,895 Purchases 56,700 Net Sales
Jones
Brush Company sells standard hair brushes. The following information summarizes
Jones's
operating activities for
2024:
| Selling and Administrative Expenses | $41,895 |
|---|---|
| Purchases | 56,700 |
| Net Sales Revenue | 119,700 |
| Merchandise Inventory, January 1, 2024 | 7,560 |
| Merchandise Inventory, December 31, 2024 | 819 |
Requirements
| 1. | Calculate the operating income for 2024. |
| 2. | Jones sold 6,300 brushes in 2024. Compute the unit cost for one brush. |
Question content area bottom
Part 1
Requirement 1. Calculate the operating income for
2024.
| Jones Brush Company | |||||||
| Income Statement | |||||||
| Year Ended December 31, 2024 | |||||||
| Revenue: | |||||||
| Cost of Goods Sold: | |||||||
| Cost of Goods Sold | |||||||
| Gross Profit | |||||||
| Operating Income | |||||||
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Accounting Business Reporting For Decision Making
Authors: Jacqueline Birt, Keryn Chalmers, Suzanne Maloney, Albie Brooks, Judy Oliver
6th Edition
978-0730363415, 0730363414
