Question 1

At the beginning of the year, Albertson Incorporated reports inventory of $7,700. During the year, the company purchases additional inventory for $22,700. At the end of the year, the cost of inventory remaining is $9,700. Calculate cost of goods sold for the year.

Beginning inventory	$7,700
Cost of goods available for sale
Cost of goods sold

Question 2

For each company, calculate the missing income statement amount.

Company	Sales Revenue	Cost of Goods Sold	Gross Profit	Operating Expenses	Net Income
Lennon	$15,400		$6,700	$2,850	$3,850
Harrison	16,100	9,700		4,700	1,700
McCartney	10,400	7,700	2,700		850
Starr	13,400	4,700	8,700	5,850