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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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