Artisan Inspiration, Inc. is a merchandiser of stone ornaments. The company sold 8,000 units during the year. The company has provided the following information: Sales Revenue Purchases (excluding Freight In) $593,000 304,000 Selling and Administrative Expenses 68,000 Freight In 14,000 Beginning Merchandise Inventory 46,000 42,000 Ending Merchandise Inventory What is the operating income for the year? (Round the answer to the nearest whole dollar.) A. $322,000 B. $525,000 C. $203,000 D. $271,000

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...
icon
Related questions
Question

None

Artisan Inspiration, Inc. is a merchandiser of stone ornaments.
The company sold 8,000 units during the year. The company has
provided the following information:
Sales Revenue
Purchases (excluding Freight In)
$593,000
304,000
Selling and Administrative Expenses 68,000
Freight In
14,000
Beginning
Merchandise Inventory
46,000
42,000
Ending Merchandise Inventory
What is the operating income for the year? (Round the answer to
the nearest whole dollar.)
A. $322,000
B. $525,000
C. $203,000
D. $271,000
Transcribed Image Text:Artisan Inspiration, Inc. is a merchandiser of stone ornaments. The company sold 8,000 units during the year. The company has provided the following information: Sales Revenue Purchases (excluding Freight In) $593,000 304,000 Selling and Administrative Expenses 68,000 Freight In 14,000 Beginning Merchandise Inventory 46,000 42,000 Ending Merchandise Inventory What is the operating income for the year? (Round the answer to the nearest whole dollar.) A. $322,000 B. $525,000 C. $203,000 D. $271,000
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
EBK CONTEMPORARY FINANCIAL MANAGEMENT
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT