Practice Question 1 Determine each of the following numbers in the following situations- S158,000 592,000 4,000 3,000 6.000 Purchases Purchase Discounts Purchase Returns and allowances Transportation in Beginning Inventory Cost of goods purchased Ending Inventory Cost of goods sold $ 120,000 2.600 4,400 16.000 34,000 14.000 ? 5.000 2 89.400 4,400 156.000 30.000 2 136.520 Practice Question 2 Fill in the blanks. Identify any losses by putting the amount in brackets. Company A Company B Sales $ 110,000 S 178.000 590.000 S Merchandise inventory (beginning) 8.700 27.100 3875 6,000 ? 22.000 9.875 Merchandise inventory (ending) Gross profit from sales ? ? 39.545 19.775 Profit (Loss) 1,700 18.400 6,275 Income Statement Formats Income statements may be formatted in a variety of ways. Typical formats are: Multiple-Step Classified, Multiple-Step Single-Step