Question

This Question 2017 | This Test 20 ptspot 0 George Mion is the sole proprietor of Pretty Pets, a business specializing in the sale of high-end pet gifts and accessories Pretty Pets sales totaled $73,000 during the most recent year. During the year, the company spent 557,000 on expenses relating to website maintenance $33.200 on marketing, and 29.00 on wrapping, boxing, and shipping the goods to customers. Pretty Pets so spent $837.000 on inventory purchases and an addition $10.500 on freight charges The company started the you with $18,000 of inventory on hand and ended the year with $13.100 of inventory. Prepare Pretty Pet Income statement for the most recent year Begin by calculating the cost of goods sold for the year, Pretty Pets Cost of Goods Sold For Current Year Plus Cost of goods sold Prepare Pretty Putincome statement for the most recent year Pretty Pets Income Statement For Current Year

Answer 1

Pretty Petts
Cost of Goods Sold
For the Current Year
	Amount
Beginning Inventory	$               18,000
Add: Material Purchases during the year	$           6,37,000
Add: Freight incurred on purchases	$               19,500
Less: Ending Inventory	$               13,100
Cost of goods Sold	$           6,61,400
Pretty Petts
Income Statement
For the Current Year
Sales		$           9,73,000
Less: Cost of Goods Sold		$           6,61,400
Gross Revenue		$           3,11,600
Less: Operating Expenses
Website Maintenance	$               57,000
Marketing	$               33,200
Wrapping, Boxing & Shipping	$               29,100
Total Expenses		$           1,19,300
Net Income		$           1,92,300