Fill in the missing amounts in the following income statement for Carpenters Department Store Inc. Net sales $122,040 Cost of goods sold: Beginning inventory $23,400 Net purchases $ Transportation-in 6,550 Cost of goods purchased 81,150 Cost of goods available for sale $104,550 Ending inventory _______ Cost of goods sold ______ Gross profit $38,600 Operating expenses ______ Income before tax $26,300 Income tax expense 10,300 Net income _______
Exercise 5-20: Fill in the missing amounts in the following income statement for Carpenters Department Store Inc.
Net sales $122,040
Cost of goods sold:
Beginning inventory $23,400
Net purchases $
Transportation-in 6,550
Cost of goods purchased 81,150
Cost of goods available for sale $104,550
Ending inventory _______
Cost of goods sold ______
Gross profit $38,600
Operating expenses ______
Income before tax $26,300
Income tax expense 10,300
Net income _______
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