Question

Homework: assign 1 - retail co Save Score: 0 of 1 pt 1 of 16 0 complete HW Score: 0%, 0 of 16 pts S2-11 (book/static) Question Help Salon Hair is a retail chain specializing in salon quality hair care products. During the year, Salon Hair had sales of 338,460,000. The company began the year with $3,500,000 of merchandise inventory and ended the year with 4.445.000 of Inventory. During the year, Salon Hair purchased $23,975.000 of merchandise Inventory. The company's selling general, and administrative expenses totaled 7.100.000 for the year. Prepare Salon Har's income statement for the year, Begin by calculating Salon Hair's cost of goods sold using the table below Salon Hair Calculation of Cost of Goods Sold For the Year Ended Plus Less Choose from any list or enter any number in the input fields and then click Check Answer

Answer 1

Cost of Goods sold Plus Beginning Inventory Purchases Cost of goods available for sale Ending Inventory Cost Of Goods Sold $ $ $ $ $ 3,500,000 23,975,000 27,475,000 4,445,000 23,030,000 Less Cost of goods sold is calculated by adding beginning inventory and purchases than deduct ending inventory from this cost. less Income Statement Sales Revenue Cost of Goods Sold Gross Profit Selling, general &administrative expense Net Income $ $ $ $ $ 38,850,000 23,030,000 15,820,000 7,100,000 8,720,000 Less Net income is calculated by deducting all expenses of a period from revenue of the period.