A company had £270,000 in sales; £150,000 in goods available for sale; ending finished goods inventory of £30,000, and selling and administrative expenses of £65,000. Which of the following statements is true? a. Net income was 28% of sales b. The beginning finished goods inventory is not determinable. c. The costs of goods sold was £137,000 d. The gross income was £93,000

A company had £270,000 in sales; £150,000 in goods available for sale; ending finished goods inventory of £30,000, and selling and administrative expenses of £65,000. Which of the following statements is true? a. Net income was 28% of sales b. The beginning finished goods inventory is not determinable. c. The costs of goods sold was £137,000 d. The gross income was £93,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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bartleby, a Learneo, Inc. business

	a.	Net income was 28% of sales
	b.	The beginning finished goods inventory is not determinable.
	c.	The costs of goods sold was £137,000
	d.	The gross income was £93,000