Homework Answers
Solution a:
Good available fro sale = Beginning inventory + Net purchase = $5,000 + $3,900 = $8,900
Cost of goods sold = Goods available for sale - Ending inventory = $8,900 - $1,700 = $7,200
Gross profit = Sales - COGS = $9,500 - $7,200 = $2,300
Solution b:
Net income for merchandise company = Gross profit - Expenses = $2,300 - $1,450 = $850
Net income for service company = Revenue - Expenses = $14,000 - $12,500 = $1,500
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