5The Fun Zone sells a variety of children's toys, games, books, and accessories. Assume that a local store has the following amounts forthe month of March 2024.Sales revenueAdvertising expenseRent expenseGain on sale of buildingInventory (March 1, 2024)eBookCost of goods sold$ 73,300 Inventory (March 31, 2024)5,6003,500Insurance expenseSales discounts6,700 Salaries expense2,400 Income tax expense35,400$ 1,2001,9002,6008,6003,400McRequired:1. Prepare a multiple-step income statement for the month ended March 31, 2024.2-a. Calculate the inventory turnover ratio for the month of March.2-b. Would you expect this ratio to be higher or lower in December 2024?3. Calculate the gross profit ratio for the month of March.Complete this question by entering your answers in the tabs below.Required 1Required 2a Required 2b Required 3Prepare a multiple-step income statement for the month ended March 31, 2024.THE FUN ZONEMultiple-Step Income StatementFor the Month of March, 2024Net sales:Total sales revenueNet sales revenueOperating expenses:

Income statement is a financial statement that shows profitability, total revenue and total…

The Fun Zone sells a variety of children's toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2024. Sales revenue Advertising expense Rent expense Gain on sale of building Tavastanu (March 9 20241 $ 73,300 Inventory (March 31, 2024) 5,600 Insurance expense 3,500 Sales discounts 6,700 Salaries expense 3.400 $ 1,200 1,900 2,600 8,600 2.400

The Fun Zone sells a variety of children's toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2024. Sales revenue Advertising expense Rent expense Gain on sale of building Tavastanu (March 9 20241 $ 73,300 Inventory (March 31, 2024) 5,600 Insurance expense 3,500 Sales discounts 6,700 Salaries expense 3.400 $ 1,200 1,900 2,600 8,600 2.400

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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Required information [The following information applies to the questions displayed below.] In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 150 units at $7 on January 1, (2) 560 units at $8 on January 8, and (3) 860 units at $10 on January 29. Assuming 1,065 units are on hand at the end of the month, calculate the cost of goods available for sale, ending inventory, and cost of goods sold under LIFO. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places.) Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold LIFO + $ 14,130
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