View Policies Current Attempt in Progress Presented below are the components in determining cost of goods sold. Determine the missing amounts. Beginning Inventory Purchases Cost of Goods Available for Sale Ending Inventory $79,000 $99,000 $ (a) $ $49,000 (c) (e) $109,000 $114,000 $159,000 eTextbook and Media Save for Later Using multiple attempts will impact your score. 5% score reduction after attempt 2 Attempts: 0 of 3 used Submit Answer Question 2 of 8 Wolford Department Store is located in midtown Metropolis. During the past several years, net income has been declining because suburban shopping centers have been attracting business away from city areas. At the end of the company's fiscal year on November 30, 2017, these accounts appeared in its adjusted trial balance Accounts Payable $35.912 Accounts Receivable. 23,048 Accumulated Depreciation-Equipment 91,120 Cash 10,720 Common Stock 46,900 Cost of Goods Sold 823.162 Freight-Out 8.308 Equipment 210.380 Depreciation Expense 18.090 Dividends 16.080 Gain on Disposal of Plant Assets 2.680 Income Tax Expense 13.400 Insurance Expense 12.060 Interest Expense 6,700 35.108 inventory Question 2 of 8 Gain on Disposal of Plant Assets 2.680 Income Tax Expense 13.400 Insurance Expense 12.060 Interest Expense Inventory 6.700 35.108 Notes Payable 58.290 Prepaid Insurance 8,040 Advertising Expense 44,890 Rent Expense 45.560 Retained Earnings 19.028 Salaries and Wages Expense 156,780 1.211.360 Sales Revenue Salaries and Wages Payable 8.040 Sales Returns and Allowances 26,800 14.204 Utilities Expense ial Notes payable are due in 2021. 6437 31 Prepare a retained earnings statement. (List items that increase retained earnings first.) WOLFORD DEPARTMENT STORE Retained Earnings Statement For the Year Ended November 30, 2017 Retained Earnings, December 1, 2016 Add Net Income/(Loss) Less Dividends Retained Earnings, November 30, 2017 eTextbook and Media) List of Accounts MacBook Air 19008 14080 Question 2 of 8 Current Assets Cash Accounts Receivatre Inventory Prepaid Insurance Total Current Assets Equipment Lets Accumulated Depreciation Expupment Total Assets Balance Sheet November 30 2017 Assets Liabilities and Stockholders' Equity MacBook Air Your Answer Correct Answer x Your answer is incorrect. Calculate the profit margin and the gross profit rate. (Round answers to 1 decimal place, eg 15.2%) Profit margin Gross profit rate % eTextbook and Media Solution List of Accounts Your Answer Correct Answer Question 2 of 8 Tour Answer Correct Answer X Your answer is incorrect. The vice president of marketing and the director of human resources have developed a proposal whereby the company would compensate the sales force on a strictly commission basis. Given the increased incentive, they expect net sales to increase by 15% As a result, they estimate that gross profit will increase by $54,194 and expenses by $78,524. Compute the expected new net income. Then, compute the revised profit margin and gross profit rate. (Ignore income tax effects.) Revised net income Revised profit margin (Round to 1 decimal place, e.g. 15.2%) Revised gross profit rate (Round to 1 decimal place, e.g. 15.2%) eTextbook and Media Solution List of Accounts