Homework Answers
| Jodi's Chop Shop | |
| Calculation of cost of goods sold | |
| For the year ended | |
| Beginning merchandise inventory | 3775000 |
| Plus: Merchandise purchased | 22585000 |
| Goods available for sale | 26360000 |
| Less: Ending merchandise inventory | 4750000 |
| Cost of goods sold | 21610000 |
| Jodi's Chop Shop | |
| Income statement | |
| For the year ended | |
| Sales | 39420000 |
| Less: Cost of goods sold | 21610000 |
| Gross profit | 17810000 |
| Less: Selling, general and administrative expenses | 5450000 |
| Net income | 12360000 |
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following:
1. Prepare an income statement for Chris' Pets for the year
ended December 31, 2018.
Chris' Pets
Income Statement
Year Ended December 31, 2018
Revenue:
Cost of Goods Sold:
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Gross Profit
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Operating Income (Loss)
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