Homework Answers
Answer -
Cost of goods sold statement:
| University Electronics | ||
| Cost of Goods Sold Statement | ||
| For the Year Ended February 28 | ||
| Merchandise inventory, March 1 | $187000 | |
| Merchandise purchases | $2770000 | |
| Transportation-in costs | $106000 | |
| Total cost of goods purchased | $2876000 | |
| Cost of goods available for sale | $3063000 | |
| Merchandise inventory, February 28 | ($212000) | |
| Cost of Goods Sold Statement | $2851000 | |
Calculation:
Total cost of goods purchased = Merchandise purchases + Transportation-in costs
= $2770000 + $106000 = $2876000
Cost of goods available for sale = Merchandise inventory, March 1 + Total cost of goods purchased
= $2876000 + $187000 = $3063000
Income statement:
| University Electronics | |
| Income Statement | |
| For the Year Ended February 28 | |
| Sales revenue | $4020600 |
| Cost of goods sold | ($2851000) |
| Gross margin | $1169600 |
| Marketing and administrative costs | ($1293000) |
| Operating income (loss) | ($123400) |
Calculation:
Marketing and administrative costs = Store rent + Store utilities + Administrative costs + Sales commissions
= $222000 + $133000 + $292000 + $646000
= $1293000
Note - Deductible amounts and loss are shown in parentheses.
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