Question
Use the following to answer questions 30 35 Find the missing amounts: Case 1 Case 2 Case 3 Net Sales $992,000 $758,300 ? COGS ?
Use the following to answer questions 30 35
Find the missing amounts:
| Case 1 | Case 2 | Case 3 |
Net Sales | $992,000 | $758,300 | ? |
COGS | ? | 444,300 | 365,000 |
Gross profit | 369,200 | ? | 298,000 |
Operating expense | 295,200 | 176,500 | ? |
Operating income | ? | ? | 88,700 |
30. $____________For case 1, determine cost of goods sold
31. $____________For case 1, determine operating income (include - if needed)
32. $____________For case 2, determine gross profit
33. $____________For case 2, determine operating income (include - if needed)
34. $____________For case 3, determine net sales
35. $____________For case 3, determine operating expense
36. Inventory records for DAD Incorporated revealed the following:
Date | Transaction | Number of Units | Unit Cost |
Apr. 1 | Beginning inventory | 50 | $123.00 |
Apr. 4 | Purchase | 450 | $130.00 |
DAD sold 490 units of inventory during the month. Ending inventory assuming LIFO would be $____________
37. Inventory records for MOM Company revealed the following:
Date | Transaction | Number of Units | Unit Cost |
Mar. 1 | Beginning inventory | 400 | $70.00 |
Mar. 6 | Purchase | 1,000 | $70.20 |
Mar. 16 | Purchase | 1,000 | $71.00 |
Mar. 23 | Purchase | 1,000 | $71.10 |
MOM sold 3,300 units of inventory during the month. Ending inventory assuming FIFO would be $______________
38. Inventory records for STC Company revealed the following:
Date | Transaction | Number of Units | Unit Cost |
Mar. 1 | Beginning inventory | 50 | $25.00 |
Mar. 3 | Purchase | 800 | $25.25 |
Mar. 23 | Purchase | 150 | $26.00 |
STC sold 975 units of inventory during the month. Ending inventory assuming Weighted Average would be $___________
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