ZuoTi.Pro
Question

Artisan Inspiration, Inc. is a merchandiser of stone ornaments. The company sold units during the year....

Artisan Inspiration, Inc. is a merchandiser of stone ornaments. The company sold units during the year. The company has provided the following information: 7,500 Sales Revenue $561,000 Purchases (excluding Freight In) 304,000 Selling and Administrative Expenses 68,000 Freight In 15,000 Beginning Merchandise Inventory 43,000 Ending Merchandise Inventory 42,000

What is the operating income for the year? (Round your answer to the nearest whole dollar.) A. $173,000 B. $241,000 C. $493,000 D. $320,000

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Sales Revenue

Less:Cost of goods sold-

         Begning merchandise inventory

         Purchases

         Freight in

         Ending merchandise inventory

       

43000

304000

15000

(42000)

561000

320000

                                        Operating Income

$241000

Operating profit= Gross revenue-Cost of goods sold-Other operating expenses

0 0
Add a comment
Know the answer?
Add Answer to:
Artisan Inspiration, Inc. is a merchandiser of stone ornaments. The company sold units during the year....
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Artisan Inspiration, Inc. is a merchandiser of stone ornaments. The company sold 8,000 units during the...

    Artisan Inspiration, Inc. is a merchandiser of stone ornaments. The company sold 8,000 units during the year. The company has provided the following information: Sales Revenue Purchases (excluding Freight In) Selling and Administrative Expenses Freight In Beginning Merchandise Inventory Ending Merchandise Inventory $593,000 304,000 68,000 14,000 46,000 42,000 What is the operating income for the year? (Round your answer to the nearest whole dollar.) O A. $271,000 OB. $525,000 OC. $203,000 OD. $322,000

  • 4) Crystal, Inc. is a merchandiser of stone ornaments. The company sold 8,000 units during the...

    4) Crystal, Inc. is a merchandiser of stone ornaments. The company sold 8,000 units during the year. The company has provided the following information Sales Revenue Purchases (excluding Freight In Selling and Administrative Expenses68 $593,000 68,000 14,00 46,000 Freight In Beginning Merchandise Inventory Ending Merchandise Inventory

  • Bloomington, Inc. is a merchandiser of stone ormaments. The company sold 7,500 units during the year....

    Bloomington, Inc. is a merchandiser of stone ormaments. The company sold 7,500 units during the year. The company has provided the following information: Sales Revenue Purchases (excluding freight in) S600,000 03,000 67,000 13,000 45,000 3,000 Freight In Beginning Merchandise Inventory Ending Merchandise Inventony What is the cost of goods sold for the year? O A. $305,000 OB. S314.000 C. $318.000 D. $361,000

  • Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 11,000...

    Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 11,000 Selling price per unit $ 17 Variable selling expense per unit $ 2 Variable administrative expense per unit $ 2 Total fixed selling expense $ 20,000 Total fixed administrative expense $ 15,000 Beginning merchandise inventory $ 10,000 Ending merchandise inventory $ 22,000 Merchandise purchases $ 86,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement.

  • Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 10,000...

    Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 10,000 Selling price per unit $ 17 Variable selling expense per unit $ 2 Variable administrative expense per unit $ 2 Total fixed selling expense $ 22,000 Total fixed administrative expense $ 15,000 Beginning merchandise inventory $ 11,000 Ending merchandise inventory $ 25,000 Merchandise purchases $ 89,000 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement.

  • Cherokee Inc. is a merchandiser that provided the following information: Number of units sold Selling price...

    Cherokee Inc. is a merchandiser that provided the following information: Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Amount 10,000 $ 18 $ 1 $ 3 $18,000 $15,000 $11,000 $24,000 $86,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement

  • i have to submet this assignment tomorrow but i need to prepare this from today please...

    i have to submet this assignment tomorrow but i need to prepare this from today please help if you can? Acct 104 First Assignement Q1. For each of the following, indicate whether the statement relates to managerial accounting (MA) or financial accounting (EA): Statement Applies to MA or FA How reports will affect employee behavior is a concern. Summary reports are prepared primarily on the company as a whole, dsually on a quarterly or annual basis. Relevant information and focus...

  • Cherokee Inc. is a merchandiser that provided the following information: Number of units sold Selling price...

    Cherokee Inc. is a merchandiser that provided the following information: Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases 12,000 $ 16 1 $ 2 $ 21,000 15,000 11,000 $ 25,000 $ 89,000 Required: 1. Prepare a traditional income statement. Cherokee, Inc. Traditional Income Statement Selling and administrative expenses. 2. Prepare a contribution format income...

  • fill in Cherokee Inc. is a merchandiser that provided the following information: Number of units sold...

    fill in Cherokee Inc. is a merchandiser that provided the following information: Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Amount 12,000 $ 17 $ 1 $ 3 $ 19,000 $ 15,000 $ 10,000 $ 23,000 $ 88,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this...

  • Cherokee Inc. is a merchandiser that provided the following information: Number of units sold Selling price...

    Cherokee Inc. is a merchandiser that provided the following information: Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases 12,000 S 16.00 $ 2.0 S 1.00 $ 19,000 S 15,000 $ 11,000 S 24,000 $ 87,000 Required: 1. Prepare a traditional income statement. CHEROKEE, INC. Traditional Income Statement Selling and administrative expenses: 2. Prepare a...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT