Consider the information given in the table below for Oakridge Manufacturing. Calculate the gross profit. Item Amount Item Amount Salaries expense $145,000 Sales revenue $850,000 Inventory (beginning) 35,000 Interest income 18,000 Sales returns 7,500 Cost of goods sold 595,000 Utilities expense 8,000 Rent expense 22,000 Income tax expense 25,000 Interest expense 4,500 Inventory (ending) 28,000

Consider the information given in the table below for Oakridge Manufacturing. Calculate the gross profit. Item Amount Item Amount Salaries expense $145,000 Sales revenue $850,000 Inventory (beginning) 35,000 Interest income 18,000 Sales returns 7,500 Cost of goods sold 595,000 Utilities expense 8,000 Rent expense 22,000 Income tax expense 25,000 Interest expense 4,500 Inventory (ending) 28,000

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

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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