Chapter 4, Problem 3QS

To determine

Cost of Goods Sold: The cost of goods sold is the total cost which includes material, labor, product and other expenses which are incurred to manufacture a product and sell them.

Gross Profit: Gross profit is the profit which is made by the company after deducting all the cost that was incurred to sell the product.

Income Statement: Income statement is that financial statement where all the expenses and the revenues of the company are recorded to calculate the net profit or the net income of the company.

1.

Goods available for sale, cost of goods sold, gross profit.

2.

To determine

Net income of each company.