Question One:

ABC Company has the following information:

	Sales................................................................................	$40,000
	Beginning finished goods inventory..........................	?
	Cost of goods manufactured.....................................	$16,000
	Ending finished goods inventory...............................	$5,000
	Cost of goods sold........................................................	?
	Gross profit....................................................................	$17,000
	Administrative and selling expenses.........................	?
	Net income...................................................................	$10,000

Using the previous information calculate:

1- The cost of goods sold was:

2- The beginning finished goods inventory was:

3- The amount of selling and administrative expenses was: