The image is a table divided into two main sections: "Operating Expenses" and "Net Income."### Operating Expenses- The table has three rows with blank spaces for input.- The third row shows a total amount of $48,200.### Net Income- The table lists two pre-filled amounts: $13,000 and $23,300.- There is also a blank space for an additional amount.This layout suggests a comparison between the operational costs incurred and the resulting net income, allowing for financial analysis. Presented below are the components in Oriole Company’s income statement. Determine the missing amounts.| | Sales Revenue | Cost of Goods Sold | Gross Profit | Operating Expenses ||----------------|---------------|--------------------|--------------|---------------------|| (a) | $80,600 | [Blank] | $31,900 | [Blank] || (b) | $113,400 | $70,300 | [Blank] | [Blank] || (c) | [Blank] | $77,000 | $87,000 | $48,200 |Instructions:- For row (a), calculate the missing Cost of Goods Sold and Operating Expenses.- For row (b), calculate the missing Gross Profit and Operating Expenses.- For row (c), calculate the missing Sales Revenue.

The gross profit is calculated as difference between sales and cost of goods sold. The net income is…

Answered: Presented below are the components in…

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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Give correct gross margin

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Presented below are the components in Oriole Company's income statement. Determine the missing amounts. Sales Revenue Cost of Goods Sold Gross Profit Operating Expens (a) $80,600 $ $31,900 (b) $113,400 $70,300 (c) $77,000 $87,000 $4 %24 %24 %24 %24