Question

Fill in the blanks in the following separate income statements a through e.

Fill in the blanks in the following separate income statements a through e. (Amounts to be deducted should be indicated by a minus sign.) 

$ 64,000 $ 44,800 $ 39,000 $ 24,200 Cost of goods sold 16,720 4.480 7,300 32,000 5,800 . (8,900) 7,300 33,000 (7.600) 6.700 Merchandise inventory (beginning) Total cost of merchandise purchases Merchandise inventory (ending) Cost of goods sold Gross profit Expenses Net income (loss) (2,800) 17.000 33,630 17.000 | $ 4,300 11,820 (7.520) 11.890 15,910 6.700 48.700 5.700 43,000 $ $

Answer 1

ANSWER:

Cost of goods sold=Beginning inventory+Purchases-Ending inventory
Sales-COGS=Gross profit
Gross profit-Expenses=Net income
	Calculation	a	b	c	d	e
Sales	A	64,000	44,800	39,000	81,400	24,200
COGS:
Beginning inventory	B	7,300	16,720	5,800	7,300	4,480
Purchases	C	32,000	3,080	37,800	33,000	6,700
Ending inventory	D	-5,670	-2,800	-8,900	-7,600	-3,480
COGS	F=B+C-D	33,630	17,000	34,700	32,700	7,700
Gross profit	G=A-F	30,370	27,800	4,300	48,700	16,500
Expenses	H	17,000	11,890	11,820	5,700	6,700
Net income	I=G-H	13,370	15,910	-7,520	43,000	9,800