Question

Review the income statement data for each of the following companies: Click the icon to view the data.) Read the requirements Requirement 1. Supply the missing income statement amounts for each of the companies. Beginning Net Ending Cost of Company Net Sales Inventory Purchases Inventory Goods Sold Hamer $ 108,000 $ 18,000 $ 60,000 $ 17,000 Gross Profit орг /1) Requirements 0/1 1. Supply the missing income statement amounts for each of the companies 2. Prepare the income statement for Hamer Company for the year onded December 31, 2018. Use the cost of goods sold model to compute cost of goods sold. Homer's operating and other expenses for the year were $43,000 Ignore income tax Print Done Enter any number in the edit fields and there 7SWT

Answer 1

Solution

Company	Net sales	Beginning inventory	Net purchases	Ending inventory	Cost of goods sold	Gross profit
Hamer	$ 108,000	$ 18,000	$ 60,000	$ 17,000	$ 61,000	$ 47,000

Income statement

Income Statement
Sales	$ 108,000
Cost of goods sold	$     61,000
Gross profit	$     47,000
Operating expense	$     43,000
Net income	$       4,000