solve it 1, 2 , 4

Chap. 5 - Merchandising Operations & Multiple-Step Income Statement 1. What journal entries are used to record the sale of inventory? Prepare the journal entries for a company that sold inventory for $1,000 that had a cost of $500. 2. What is gross profit and how is it calculated? If sales revenues are $30,000, cost of goods sold is $10,000 and operating expenses are $5,000, what is the gross profit? 3. Familiarize yourself with the multiple-step income statement on page 245 (III. 5-11). 4. Calculate cost of goods sold under the periodic system if beginning inventory is $50,000, cost of goods purchased is $15,000, and ending inventory is $20,000