Question 1A

Question 1B
At the end of Year 1, Voss Company had $6,000 of inventory. During Year 2 the following events occurred: (1) Voss Company purchased $30,000 of inventory with cash. (2) Sold $20,000 of inventory for $28,000 cash to customers. (3) At the end of the year, a physical count of the inventory, it found only $15,000 of inventory on hand. What would Voss Company report for net income on the Year 2 Income Statement? Multiple Choice $7,000 $8,000 O () $28,000 None of the above is correct At the end of Year 1, Voss Company had $6,000 of inventory. During the Year 2 the following events occurred: (1) Voss Company purchased $30,000 of inventory with cash. (2) Sold $20,000 of inventory for $28,000 cash to customers. (3) At the end of the year, a physical count of the inventory, it found only $16,000 of inventory on hand. What would Voss Company report for cost of goods sold on the Year 2 income statement? Multiple Choice $30,000 O $21,000 O O $20,000 None of the above is correct O

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Question 1A

image text in transcribed Question 1B

At the end of Year 1, Voss Company had $6,000 of inventory. During Year 2 the following events occurred: (1) Voss Company purchased $30,000 of inventory with cash. (2) Sold $20,000 of inventory for $28,000 cash to customers. (3) At the end of the year, a physical count of the inventory, it found only $15,000 of inventory on hand. What would Voss Company report for net income on the Year 2 Income Statement? Multiple Choice $7,000 $8,000 O () $28,000 None of the above is correct At the end of Year 1, Voss Company had $6,000 of inventory. During the Year 2 the following events occurred: (1) Voss Company purchased $30,000 of inventory with cash. (2) Sold $20,000 of inventory for $28,000 cash to customers. (3) At the end of the year, a physical count of the inventory, it found only $16,000 of inventory on hand. What would Voss Company report for cost of goods sold on the Year 2 income statement? Multiple Choice $30,000 O $21,000 O O $20,000 None of the above is correct O

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Question 1A Question 1B At the end of Year 1, Voss Company had $6,000 of inventory. During Year 2 the following events occurred: (1) Voss

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