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

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 6MC: Which of the following represents the components of the income statement for a merchandising...

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