The cost accountant for Sunset Fashions has compiled the following information for last quarter's operations: Administrative costs Merchandise inventory, April 1 Merchandise inventory, June 30 Merchandise purchases Miscellaneous store costs Sales commissions Sales revenue Store lease Utilities Transportation-in costs Wages and benefits Required: 1. Prepare a cost of goods sold statement. 2. Prepare an income statement. Required 1 Required 2 Prepare an income statement. Complete this question by entering your answers in the tabs below. SUNSET FASHIONS Income Statement For the Quarter Ended June 30 $ Sales revenue Cost of goods sold Gross margin Store rent Operating loss $ $ 232,000 55,000 45,500 1,790,000 23,400 134,400 3,126,000 $ 53,000 57,900 124,400 770,000 3,126,000 1,923,900 1,202,100 53,000 68,400 .

The cost accountant for Sunset Fashions has compiled the following information for last quarter's operations: Administrative costs Merchandise inventory, April 1 Merchandise inventory, June 30 Merchandise purchases Miscellaneous store costs Sales commissions Sales revenue Store lease Utilities Transportation-in costs Wages and benefits Required: 1. Prepare a cost of goods sold statement. 2. Prepare an income statement. Required 1 Required 2 Prepare an income statement. Complete this question by entering your answers in the tabs below. SUNSET FASHIONS Income Statement For the Quarter Ended June 30 $ Sales revenue Cost of goods sold Gross margin Store rent Operating loss $ $ 232,000 55,000 45,500 1,790,000 23,400 134,400 3,126,000 $ 53,000 57,900 124,400 770,000 3,126,000 1,923,900 1,202,100 53,000 68,400 .

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 3AP

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