Fill in the blanks in the following separate income statements a through e. Sales Cost of goods sold Merchandise inventory, beginning Total cost of merchandise purchases Merchandise inventory, ending Cost of goods sold Gross profit Expenses Net income (loss) $ 66,000 $ 8,000 35,000 33,860 19,000 $ b 43,600 $ 16,660 2,900 18,000 10,800 14,800 $ с 53,000 5,400 8,300 12,850 12,200 650 $ 7,200 28,000 7,600 41,100 4,600 36,500 $ 27,000 4,500 6,600 7,800 7,300

Fill in the blanks in the following separate income statements a through e. Sales Cost of goods sold Merchandise inventory, beginning Total cost of merchandise purchases Merchandise inventory, ending Cost of goods sold Gross profit Expenses Net income (loss) $ 66,000 $ 8,000 35,000 33,860 19,000 $ b 43,600 $ 16,660 2,900 18,000 10,800 14,800 $ с 53,000 5,400 8,300 12,850 12,200 650 $ 7,200 28,000 7,600 41,100 4,600 36,500 $ 27,000 4,500 6,600 7,800 7,300

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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Using the following information, what is the cost of goods sold? Purchases $32,282 Selling expense $955 Inventory, September 1 7,698 Inventory, September 30 2,640 Administrative expense 525 Sales 52,858 Rent revenue 1,044 Interest expense 893 a.$893 b.$31,176 c.$37,340 d.$14,993
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