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Consider the following partially completed income statements for merchandising companies and compute the missing amounts: E (Click the icon to view the Income Statements.) Data Table Fit Apparel Net Sales Revenue $ 100,000 Laura's Cost of Goods Sold: Fit Apparel Bakery Beginning Merchandise Inventory Net Sales Revenue $ 100,000 $ (d) Purchases and Freight In 49,000 Cost of Goods Sold: Beginning Merchandise Inventory Cost of Goods Available for Sale (a) 31,000 Ending Merchandise Inventory (2,300) Purchases and Freight In 49,000 (e) Cost of Goods Sold 58,000 Cost of Goods Available for Sale (b) 92,000 Gross Profit 42,000 (2,300) (2,300) Ending Merchandise Inventory Selling and Administrative Expenses Cost of Goods Sold 58,000 (f) $ 11,000 Operating Income Gross Profit 42,000 111,000 Selling and Administrative Expenses (c) 84,000 $ 11,000 $ (g) Operating Income

Consider the following partially completed income statements for merchandising companies and compute the missing amounts: E (Click the icon to view the Income Statements.) Data Table Fit Apparel Net Sales Revenue $ 100,000 Laura's Cost of Goods Sold: Fit Apparel Bakery Beginning Merchandise Inventory Net Sales Revenue $ 100,000 $ (d) Purchases and Freight In 49,000 Cost of Goods Sold: Beginning Merchandise Inventory Cost of Goods Available for Sale (a) 31,000 Ending Merchandise Inventory (2,300) Purchases and Freight In 49,000 (e) Cost of Goods Sold 58,000 Cost of Goods Available for Sale (b) 92,000 Gross Profit 42,000 (2,300) (2,300) Ending Merchandise Inventory Selling and Administrative Expenses Cost of Goods Sold 58,000 (f) $ 11,000 Operating Income Gross Profit 42,000 111,000 Selling and Administrative Expenses (c) 84,000 $ 11,000 $ (g) Operating Income

FINANCIAL ACCOUNTING
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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Consider the following partially completed income statements for merchandising companies and compute the missing amounts: E (Click the icon to view the Income Statements.) Data Table Fit Apparel Net Sales Revenue $ 100,000 Laura's Cost of Goods Sold: Fit Apparel Bakery Beginning Merchandise Inventory Net Sales Revenue 100,000 $ (d) Purchases and Freight In 49,000 Cost of Goods Sold: Beginning Merchandise Inventory Cost of Goods Available for Sale (a) 31,000 Ending Merchandise Inventory (2,300) 49,000 (e) Purchases and Freight In Cost of Goods Sold 58,000 Cost of Goods Available for Sale (b) 92,000 Gross Profit 42,000 (2,300) (2,300) Ending Merchandise Inventory Selling and Administrative Expenses $ 11,000 Cost of Goods Sold 58,000 (f) Operating Income Gross Profit 42,000 111,000 Selling and Administrative Expenses (c) 84,000 $ 11,000 $ (g) Operating Income
Transcribed Image Text:Consider the following partially completed income statements for merchandising companies and compute the missing amounts: E (Click the icon to view the Income Statements.) Data Table Fit Apparel Net Sales Revenue $ 100,000 Laura's Cost of Goods Sold: Fit Apparel Bakery Beginning Merchandise Inventory Net Sales Revenue 100,000 $ (d) Purchases and Freight In 49,000 Cost of Goods Sold: Beginning Merchandise Inventory Cost of Goods Available for Sale (a) 31,000 Ending Merchandise Inventory (2,300) 49,000 (e) Purchases and Freight In Cost of Goods Sold 58,000 Cost of Goods Available for Sale (b) 92,000 Gross Profit 42,000 (2,300) (2,300) Ending Merchandise Inventory Selling and Administrative Expenses $ 11,000 Cost of Goods Sold 58,000 (f) Operating Income Gross Profit 42,000 111,000 Selling and Administrative Expenses (c) 84,000 $ 11,000 $ (g) Operating Income
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