Consider the following partially completed income statements for merchandising companies and compute the missing amounts:1(Clickthe icon to view the Income Statements.) Corrigan, Inc.Net Sales Revenue$100,000Cost of Goods Sold: Beginning Merchandise Inventory Purchases and Freight In47,000 Cost of Goods Available for Sale Ending Merchandise Inventory(1,900) Cost of Goods Sold63,000Gross Profit37,000Selling and Administrative Expenses Operating Income$10,000 Laura's Bakery $30,000 92,000 (1,900) 116,000 84,000 1: Data Table Corrigan, Inc.Laura's BakeryNet Sales Revenue$100,000$ (d)Cost of Goods Sold: Beginning Merchandise Inventory(a)30,000Purchases and Freight In47,000(e)Cost of Goods Available for Sale(b)92,000Ending Merchandise Inventory(1,900)(1,900)Cost of Goods Sold63,000(f)Gross Profit37,000116,000Selling and Administrative Expenses(c)84,000Operating Income$10,000$ (g)

Cost of goods sold = Opening inventory + purchases - Ending inventory Gross profit = Sales - Cost of…

Answered: Consider the following partially…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.23MCE

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Question

Consider the following partially completed income statements for merchandising companies and compute the missing amounts:

1(Click

the icon to view the Income Statements.)

		Corrigan, Inc.
Net Sales Revenue	$100,000
Cost of Goods Sold:
	Beginning Merchandise Inventory
	Purchases and Freight In	47,000
	Cost of Goods Available for Sale
	Ending Merchandise Inventory	(1,900)
	Cost of Goods Sold	63,000
Gross Profit	37,000
Selling and Administrative Expenses
Operating Income	$10,000

	Laura's Bakery


	$30,000

	92,000
	(1,900)

	116,000
	84,000

1: Data Table

	Corrigan, Inc.	Laura's Bakery
Net Sales Revenue	$100,000	$ (d)
Cost of Goods Sold:
Beginning Merchandise Inventory	(a)	30,000
Purchases and Freight In	47,000	(e)
Cost of Goods Available for Sale	(b)	92,000
Ending Merchandise Inventory	(1,900)	(1,900)
Cost of Goods Sold	63,000	(f)
Gross Profit	37,000	116,000
Selling and Administrative Expenses	(c)	84,000
Operating Income	$10,000	$ (g)

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