Cost of goods sold: It refers to all the costs that a business incurs to produce a product. It is computed by using the formula - C O G S = B e g i n n i n g I n v e n t o r y + N e t P u r c h a s e s - E n d i n g I n v e n t o r y Revenues (sales): It refers to the income generated by the business from its main operating activities. Gross Profit: It is derived by deducting the cost of goods sold from its revenues. It depicts the margin that a business is earning from its operating activities. To Compute: The revenues, expenses and income of the given income statement.

Question

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Answer 1

Question

Chapter 5, Problem 1E

To determine

Concept Introduction:

Cost of goods sold: It refers to all the costs that a business incurs to produce a product. It is computed by using the formula -

$C O G S = B e g i n n i n g I n v e n t o r y + N e t P u r c h a s e s - E n d i n g I n v e n t o r y$

Revenues (sales): It refers to the income generated by the business from its main operating activities.

Gross Profit: It is derived by deducting the cost of goods sold from its revenues. It depicts the margin that a business is earning from its operating activities.

To Compute: The revenues, expenses and income of the given income statement.

Expert Solution & Answer

Explanation of Solution

a.

$\begin{array}{l} C O G S = B e g i n n i n g i n v e n t o r y + P u r c h a s e s - E n d i n g i n v e n t o r y \\ $ 34, 050 = $ 8, 000 + $ 38, 000 - E n d i n g i n v e n t o r y \\ E n d i n g i n v e n t o r y = $ 46, 000 - $ 34, 050 \\ E n d i n g i n v e n t o r y = $ 11, 950 \\ G r o s s \Pr o f i t = S a l e s - C O G S \\ = 62, 000 - $ 34, 050 \\ = $ 27, 950 \\ N e t I n c o m e = G r o s s \Pr o f i t - E x p e n s e s \\ = $ 27, 950 - $ 10, 000 \\ = $ 17, 950 \end{array}$

b.

$\begin{array}{l} C O G S = B e g i n n i n g i n v e n t o r y + P u r c h a s e s - E n d i n g i n v e n t o r y \\ $ 16, 000 = $ 17, 050 + P u r c h a s e s - $ 3, 000 \\ P u r c h a s e s = $ 19, 000 - $ 17, 050 \\ P u r c h a s e s = $ 1, 950 \\ G r o s s \Pr o f i t = S a l e s - C O G S \\ = 43, 500 - $ 16, 000 \\ = $ 27, 500 \end{array}$

c.

$\begin{array}{l} C O G S = S a l e s - G r o s s \Pr o f i t \\ = 46, 000 - $ 3, 750 \\ = $ 42, 250 \\ C O G S = B e g i n n i n g i n v e n t o r y + P u r c h a s e s - E n d i n g i n v e n t o r y \\ $ 42, 250 = $ 7, 500 + P u r c h a s e s - $ 9, 000 \\ P u r c h a s e s = $ 42, 250 - $ 7, 500 + $ 9, 000 \\ = $ 43, 750 \end{array}$

d.

$\begin{array}{l} C O G S = B e g i n n i n g i n v e n t o r y + P u r c h a s e s - E n d i n g i n v e n t o r y \\ = $ 8, 000 + $ 32, 000 - $ 6, 600 \\ = $ 33, 400 \\ G r o s s \Pr o f i t = S a l e s - C O G S \\ S a l e s = G r o s s \Pr o f i t + S a l e s \\ = $ 45, 600 + $ 33, 400 \\ = $ 80, 000 \end{array}$

e.

$\begin{array}{l} C O G S = B e g i n n i n g i n v e n t o r y + P u r c h a s e s - E n d i n g i n v e n t o r y \\ $ 7, 000 = $ 4, 560 + $ 6, 600 - E n d i n g i n v e n t o r y \\ E n d i n g i n v e n t o r y = $ 11, 160 - $ 7, 000 \\ E n d i n g i n v e n t o r y = $ 4, 160 \\ G r o s s \Pr o f i t = S a l e s - C O G S \\ = 25, 600 - $ 7, 000 \\ = $ 18, 600 \\ N e t I n c o m e = G r o s s \Pr o f i t - E x p e n s e s \\ = $ 18, 600 - $ 6, 000 \\ = $ 12, 600 \end{array}$

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Answer 2

Question

Chapter 5, Problem 1E

To determine

Concept Introduction:

Cost of goods sold: It refers to all the costs that a business incurs to produce a product. It is computed by using the formula -

$C O G S = B e g i n n i n g I n v e n t o r y + N e t P u r c h a s e s - E n d i n g I n v e n t o r y$

Revenues (sales): It refers to the income generated by the business from its main operating activities.

Gross Profit: It is derived by deducting the cost of goods sold from its revenues. It depicts the margin that a business is earning from its operating activities.

To Compute: The revenues, expenses and income of the given income statement.

Expert Solution & Answer

Explanation of Solution

a.

$\begin{array}{l} C O G S = B e g i n n i n g i n v e n t o r y + P u r c h a s e s - E n d i n g i n v e n t o r y \\ $ 34, 050 = $ 8, 000 + $ 38, 000 - E n d i n g i n v e n t o r y \\ E n d i n g i n v e n t o r y = $ 46, 000 - $ 34, 050 \\ E n d i n g i n v e n t o r y = $ 11, 950 \\ G r o s s \Pr o f i t = S a l e s - C O G S \\ = 62, 000 - $ 34, 050 \\ = $ 27, 950 \\ N e t I n c o m e = G r o s s \Pr o f i t - E x p e n s e s \\ = $ 27, 950 - $ 10, 000 \\ = $ 17, 950 \end{array}$

b.

$\begin{array}{l} C O G S = B e g i n n i n g i n v e n t o r y + P u r c h a s e s - E n d i n g i n v e n t o r y \\ $ 16, 000 = $ 17, 050 + P u r c h a s e s - $ 3, 000 \\ P u r c h a s e s = $ 19, 000 - $ 17, 050 \\ P u r c h a s e s = $ 1, 950 \\ G r o s s \Pr o f i t = S a l e s - C O G S \\ = 43, 500 - $ 16, 000 \\ = $ 27, 500 \end{array}$

c.

$\begin{array}{l} C O G S = S a l e s - G r o s s \Pr o f i t \\ = 46, 000 - $ 3, 750 \\ = $ 42, 250 \\ C O G S = B e g i n n i n g i n v e n t o r y + P u r c h a s e s - E n d i n g i n v e n t o r y \\ $ 42, 250 = $ 7, 500 + P u r c h a s e s - $ 9, 000 \\ P u r c h a s e s = $ 42, 250 - $ 7, 500 + $ 9, 000 \\ = $ 43, 750 \end{array}$

d.

$\begin{array}{l} C O G S = B e g i n n i n g i n v e n t o r y + P u r c h a s e s - E n d i n g i n v e n t o r y \\ = $ 8, 000 + $ 32, 000 - $ 6, 600 \\ = $ 33, 400 \\ G r o s s \Pr o f i t = S a l e s - C O G S \\ S a l e s = G r o s s \Pr o f i t + S a l e s \\ = $ 45, 600 + $ 33, 400 \\ = $ 80, 000 \end{array}$

e.

$\begin{array}{l} C O G S = B e g i n n i n g i n v e n t o r y + P u r c h a s e s - E n d i n g i n v e n t o r y \\ $ 7, 000 = $ 4, 560 + $ 6, 600 - E n d i n g i n v e n t o r y \\ E n d i n g i n v e n t o r y = $ 11, 160 - $ 7, 000 \\ E n d i n g i n v e n t o r y = $ 4, 160 \\ G r o s s \Pr o f i t = S a l e s - C O G S \\ = 25, 600 - $ 7, 000 \\ = $ 18, 600 \\ N e t I n c o m e = G r o s s \Pr o f i t - E x p e n s e s \\ = $ 18, 600 - $ 6, 000 \\ = $ 12, 600 \end{array}$

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Answer 3

Question

Chapter 5, Problem 1E

To determine

Concept Introduction:

Cost of goods sold: It refers to all the costs that a business incurs to produce a product. It is computed by using the formula -

$C O G S = B e g i n n i n g I n v e n t o r y + N e t P u r c h a s e s - E n d i n g I n v e n t o r y$

Revenues (sales): It refers to the income generated by the business from its main operating activities.

Gross Profit: It is derived by deducting the cost of goods sold from its revenues. It depicts the margin that a business is earning from its operating activities.

To Compute: The revenues, expenses and income of the given income statement.

Expert Solution & Answer

Explanation of Solution

a.

$\begin{array}{l} C O G S = B e g i n n i n g i n v e n t o r y + P u r c h a s e s - E n d i n g i n v e n t o r y \\ $ 34, 050 = $ 8, 000 + $ 38, 000 - E n d i n g i n v e n t o r y \\ E n d i n g i n v e n t o r y = $ 46, 000 - $ 34, 050 \\ E n d i n g i n v e n t o r y = $ 11, 950 \\ G r o s s \Pr o f i t = S a l e s - C O G S \\ = 62, 000 - $ 34, 050 \\ = $ 27, 950 \\ N e t I n c o m e = G r o s s \Pr o f i t - E x p e n s e s \\ = $ 27, 950 - $ 10, 000 \\ = $ 17, 950 \end{array}$

b.

$\begin{array}{l} C O G S = B e g i n n i n g i n v e n t o r y + P u r c h a s e s - E n d i n g i n v e n t o r y \\ $ 16, 000 = $ 17, 050 + P u r c h a s e s - $ 3, 000 \\ P u r c h a s e s = $ 19, 000 - $ 17, 050 \\ P u r c h a s e s = $ 1, 950 \\ G r o s s \Pr o f i t = S a l e s - C O G S \\ = 43, 500 - $ 16, 000 \\ = $ 27, 500 \end{array}$

c.

$\begin{array}{l} C O G S = S a l e s - G r o s s \Pr o f i t \\ = 46, 000 - $ 3, 750 \\ = $ 42, 250 \\ C O G S = B e g i n n i n g i n v e n t o r y + P u r c h a s e s - E n d i n g i n v e n t o r y \\ $ 42, 250 = $ 7, 500 + P u r c h a s e s - $ 9, 000 \\ P u r c h a s e s = $ 42, 250 - $ 7, 500 + $ 9, 000 \\ = $ 43, 750 \end{array}$

d.

$\begin{array}{l} C O G S = B e g i n n i n g i n v e n t o r y + P u r c h a s e s - E n d i n g i n v e n t o r y \\ = $ 8, 000 + $ 32, 000 - $ 6, 600 \\ = $ 33, 400 \\ G r o s s \Pr o f i t = S a l e s - C O G S \\ S a l e s = G r o s s \Pr o f i t + S a l e s \\ = $ 45, 600 + $ 33, 400 \\ = $ 80, 000 \end{array}$

e.

$\begin{array}{l} C O G S = B e g i n n i n g i n v e n t o r y + P u r c h a s e s - E n d i n g i n v e n t o r y \\ $ 7, 000 = $ 4, 560 + $ 6, 600 - E n d i n g i n v e n t o r y \\ E n d i n g i n v e n t o r y = $ 11, 160 - $ 7, 000 \\ E n d i n g i n v e n t o r y = $ 4, 160 \\ G r o s s \Pr o f i t = S a l e s - C O G S \\ = 25, 600 - $ 7, 000 \\ = $ 18, 600 \\ N e t I n c o m e = G r o s s \Pr o f i t - E x p e n s e s \\ = $ 18, 600 - $ 6, 000 \\ = $ 12, 600 \end{array}$

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Answer 4

Question

Chapter 5, Problem 1E

To determine

Concept Introduction:

Cost of goods sold: It refers to all the costs that a business incurs to produce a product. It is computed by using the formula -

$C O G S = B e g i n n i n g I n v e n t o r y + N e t P u r c h a s e s - E n d i n g I n v e n t o r y$

Revenues (sales): It refers to the income generated by the business from its main operating activities.

Gross Profit: It is derived by deducting the cost of goods sold from its revenues. It depicts the margin that a business is earning from its operating activities.

To Compute: The revenues, expenses and income of the given income statement.

Expert Solution & Answer

Explanation of Solution

a.

$\begin{array}{l} C O G S = B e g i n n i n g i n v e n t o r y + P u r c h a s e s - E n d i n g i n v e n t o r y \\ $ 34, 050 = $ 8, 000 + $ 38, 000 - E n d i n g i n v e n t o r y \\ E n d i n g i n v e n t o r y = $ 46, 000 - $ 34, 050 \\ E n d i n g i n v e n t o r y = $ 11, 950 \\ G r o s s \Pr o f i t = S a l e s - C O G S \\ = 62, 000 - $ 34, 050 \\ = $ 27, 950 \\ N e t I n c o m e = G r o s s \Pr o f i t - E x p e n s e s \\ = $ 27, 950 - $ 10, 000 \\ = $ 17, 950 \end{array}$

b.

$\begin{array}{l} C O G S = B e g i n n i n g i n v e n t o r y + P u r c h a s e s - E n d i n g i n v e n t o r y \\ $ 16, 000 = $ 17, 050 + P u r c h a s e s - $ 3, 000 \\ P u r c h a s e s = $ 19, 000 - $ 17, 050 \\ P u r c h a s e s = $ 1, 950 \\ G r o s s \Pr o f i t = S a l e s - C O G S \\ = 43, 500 - $ 16, 000 \\ = $ 27, 500 \end{array}$

c.

$\begin{array}{l} C O G S = S a l e s - G r o s s \Pr o f i t \\ = 46, 000 - $ 3, 750 \\ = $ 42, 250 \\ C O G S = B e g i n n i n g i n v e n t o r y + P u r c h a s e s - E n d i n g i n v e n t o r y \\ $ 42, 250 = $ 7, 500 + P u r c h a s e s - $ 9, 000 \\ P u r c h a s e s = $ 42, 250 - $ 7, 500 + $ 9, 000 \\ = $ 43, 750 \end{array}$

d.

$\begin{array}{l} C O G S = B e g i n n i n g i n v e n t o r y + P u r c h a s e s - E n d i n g i n v e n t o r y \\ = $ 8, 000 + $ 32, 000 - $ 6, 600 \\ = $ 33, 400 \\ G r o s s \Pr o f i t = S a l e s - C O G S \\ S a l e s = G r o s s \Pr o f i t + S a l e s \\ = $ 45, 600 + $ 33, 400 \\ = $ 80, 000 \end{array}$

e.

$\begin{array}{l} C O G S = B e g i n n i n g i n v e n t o r y + P u r c h a s e s - E n d i n g i n v e n t o r y \\ $ 7, 000 = $ 4, 560 + $ 6, 600 - E n d i n g i n v e n t o r y \\ E n d i n g i n v e n t o r y = $ 11, 160 - $ 7, 000 \\ E n d i n g i n v e n t o r y = $ 4, 160 \\ G r o s s \Pr o f i t = S a l e s - C O G S \\ = 25, 600 - $ 7, 000 \\ = $ 18, 600 \\ N e t I n c o m e = G r o s s \Pr o f i t - E x p e n s e s \\ = $ 18, 600 - $ 6, 000 \\ = $ 12, 600 \end{array}$

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Answer 5

Chapter 5, Problem 1E

To determine

Concept Introduction:

Cost of goods sold: It refers to all the costs that a business incurs to produce a product. It is computed by using the formula -

$C O G S = B e g i n n i n g I n v e n t o r y + N e t P u r c h a s e s - E n d i n g I n v e n t o r y$

Revenues (sales): It refers to the income generated by the business from its main operating activities.

Gross Profit: It is derived by deducting the cost of goods sold from its revenues. It depicts the margin that a business is earning from its operating activities.

To Compute: The revenues, expenses and income of the given income statement.

Expert Solution & Answer

Explanation of Solution

a.

$\begin{array}{l} C O G S = B e g i n n i n g i n v e n t o r y + P u r c h a s e s - E n d i n g i n v e n t o r y \\ $ 34, 050 = $ 8, 000 + $ 38, 000 - E n d i n g i n v e n t o r y \\ E n d i n g i n v e n t o r y = $ 46, 000 - $ 34, 050 \\ E n d i n g i n v e n t o r y = $ 11, 950 \\ G r o s s \Pr o f i t = S a l e s - C O G S \\ = 62, 000 - $ 34, 050 \\ = $ 27, 950 \\ N e t I n c o m e = G r o s s \Pr o f i t - E x p e n s e s \\ = $ 27, 950 - $ 10, 000 \\ = $ 17, 950 \end{array}$

b.

$\begin{array}{l} C O G S = B e g i n n i n g i n v e n t o r y + P u r c h a s e s - E n d i n g i n v e n t o r y \\ $ 16, 000 = $ 17, 050 + P u r c h a s e s - $ 3, 000 \\ P u r c h a s e s = $ 19, 000 - $ 17, 050 \\ P u r c h a s e s = $ 1, 950 \\ G r o s s \Pr o f i t = S a l e s - C O G S \\ = 43, 500 - $ 16, 000 \\ = $ 27, 500 \end{array}$

c.

$\begin{array}{l} C O G S = S a l e s - G r o s s \Pr o f i t \\ = 46, 000 - $ 3, 750 \\ = $ 42, 250 \\ C O G S = B e g i n n i n g i n v e n t o r y + P u r c h a s e s - E n d i n g i n v e n t o r y \\ $ 42, 250 = $ 7, 500 + P u r c h a s e s - $ 9, 000 \\ P u r c h a s e s = $ 42, 250 - $ 7, 500 + $ 9, 000 \\ = $ 43, 750 \end{array}$

d.

$\begin{array}{l} C O G S = B e g i n n i n g i n v e n t o r y + P u r c h a s e s - E n d i n g i n v e n t o r y \\ = $ 8, 000 + $ 32, 000 - $ 6, 600 \\ = $ 33, 400 \\ G r o s s \Pr o f i t = S a l e s - C O G S \\ S a l e s = G r o s s \Pr o f i t + S a l e s \\ = $ 45, 600 + $ 33, 400 \\ = $ 80, 000 \end{array}$

e.

$\begin{array}{l} C O G S = B e g i n n i n g i n v e n t o r y + P u r c h a s e s - E n d i n g i n v e n t o r y \\ $ 7, 000 = $ 4, 560 + $ 6, 600 - E n d i n g i n v e n t o r y \\ E n d i n g i n v e n t o r y = $ 11, 160 - $ 7, 000 \\ E n d i n g i n v e n t o r y = $ 4, 160 \\ G r o s s \Pr o f i t = S a l e s - C O G S \\ = 25, 600 - $ 7, 000 \\ = $ 18, 600 \\ N e t I n c o m e = G r o s s \Pr o f i t - E x p e n s e s \\ = $ 18, 600 - $ 6, 000 \\ = $ 12, 600 \end{array}$

Answer 6

Chapter 5, Problem 1E

To determine

Concept Introduction:

Cost of goods sold: It refers to all the costs that a business incurs to produce a product. It is computed by using the formula -

$C O G S = B e g i n n i n g I n v e n t o r y + N e t P u r c h a s e s - E n d i n g I n v e n t o r y$

Revenues (sales): It refers to the income generated by the business from its main operating activities.

Gross Profit: It is derived by deducting the cost of goods sold from its revenues. It depicts the margin that a business is earning from its operating activities.

To Compute: The revenues, expenses and income of the given income statement.

Expert Solution & Answer

Explanation of Solution

a.

$\begin{array}{l} C O G S = B e g i n n i n g i n v e n t o r y + P u r c h a s e s - E n d i n g i n v e n t o r y \\ $ 34, 050 = $ 8, 000 + $ 38, 000 - E n d i n g i n v e n t o r y \\ E n d i n g i n v e n t o r y = $ 46, 000 - $ 34, 050 \\ E n d i n g i n v e n t o r y = $ 11, 950 \\ G r o s s \Pr o f i t = S a l e s - C O G S \\ = 62, 000 - $ 34, 050 \\ = $ 27, 950 \\ N e t I n c o m e = G r o s s \Pr o f i t - E x p e n s e s \\ = $ 27, 950 - $ 10, 000 \\ = $ 17, 950 \end{array}$

b.

$\begin{array}{l} C O G S = B e g i n n i n g i n v e n t o r y + P u r c h a s e s - E n d i n g i n v e n t o r y \\ $ 16, 000 = $ 17, 050 + P u r c h a s e s - $ 3, 000 \\ P u r c h a s e s = $ 19, 000 - $ 17, 050 \\ P u r c h a s e s = $ 1, 950 \\ G r o s s \Pr o f i t = S a l e s - C O G S \\ = 43, 500 - $ 16, 000 \\ = $ 27, 500 \end{array}$

c.

$\begin{array}{l} C O G S = S a l e s - G r o s s \Pr o f i t \\ = 46, 000 - $ 3, 750 \\ = $ 42, 250 \\ C O G S = B e g i n n i n g i n v e n t o r y + P u r c h a s e s - E n d i n g i n v e n t o r y \\ $ 42, 250 = $ 7, 500 + P u r c h a s e s - $ 9, 000 \\ P u r c h a s e s = $ 42, 250 - $ 7, 500 + $ 9, 000 \\ = $ 43, 750 \end{array}$

d.

$\begin{array}{l} C O G S = B e g i n n i n g i n v e n t o r y + P u r c h a s e s - E n d i n g i n v e n t o r y \\ = $ 8, 000 + $ 32, 000 - $ 6, 600 \\ = $ 33, 400 \\ G r o s s \Pr o f i t = S a l e s - C O G S \\ S a l e s = G r o s s \Pr o f i t + S a l e s \\ = $ 45, 600 + $ 33, 400 \\ = $ 80, 000 \end{array}$

e.

$\begin{array}{l} C O G S = B e g i n n i n g i n v e n t o r y + P u r c h a s e s - E n d i n g i n v e n t o r y \\ $ 7, 000 = $ 4, 560 + $ 6, 600 - E n d i n g i n v e n t o r y \\ E n d i n g i n v e n t o r y = $ 11, 160 - $ 7, 000 \\ E n d i n g i n v e n t o r y = $ 4, 160 \\ G r o s s \Pr o f i t = S a l e s - C O G S \\ = 25, 600 - $ 7, 000 \\ = $ 18, 600 \\ N e t I n c o m e = G r o s s \Pr o f i t - E x p e n s e s \\ = $ 18, 600 - $ 6, 000 \\ = $ 12, 600 \end{array}$

Answer 7

Chapter 5, Problem 1E

To determine

Concept Introduction:

Cost of goods sold: It refers to all the costs that a business incurs to produce a product. It is computed by using the formula -

$C O G S = B e g i n n i n g I n v e n t o r y + N e t P u r c h a s e s - E n d i n g I n v e n t o r y$

Revenues (sales): It refers to the income generated by the business from its main operating activities.

Gross Profit: It is derived by deducting the cost of goods sold from its revenues. It depicts the margin that a business is earning from its operating activities.

To Compute: The revenues, expenses and income of the given income statement.

Answer 8

Expert Solution & Answer

Explanation of Solution

a.

$\begin{array}{l} C O G S = B e g i n n i n g i n v e n t o r y + P u r c h a s e s - E n d i n g i n v e n t o r y \\ $ 34, 050 = $ 8, 000 + $ 38, 000 - E n d i n g i n v e n t o r y \\ E n d i n g i n v e n t o r y = $ 46, 000 - $ 34, 050 \\ E n d i n g i n v e n t o r y = $ 11, 950 \\ G r o s s \Pr o f i t = S a l e s - C O G S \\ = 62, 000 - $ 34, 050 \\ = $ 27, 950 \\ N e t I n c o m e = G r o s s \Pr o f i t - E x p e n s e s \\ = $ 27, 950 - $ 10, 000 \\ = $ 17, 950 \end{array}$

b.

$\begin{array}{l} C O G S = B e g i n n i n g i n v e n t o r y + P u r c h a s e s - E n d i n g i n v e n t o r y \\ $ 16, 000 = $ 17, 050 + P u r c h a s e s - $ 3, 000 \\ P u r c h a s e s = $ 19, 000 - $ 17, 050 \\ P u r c h a s e s = $ 1, 950 \\ G r o s s \Pr o f i t = S a l e s - C O G S \\ = 43, 500 - $ 16, 000 \\ = $ 27, 500 \end{array}$

c.

$\begin{array}{l} C O G S = S a l e s - G r o s s \Pr o f i t \\ = 46, 000 - $ 3, 750 \\ = $ 42, 250 \\ C O G S = B e g i n n i n g i n v e n t o r y + P u r c h a s e s - E n d i n g i n v e n t o r y \\ $ 42, 250 = $ 7, 500 + P u r c h a s e s - $ 9, 000 \\ P u r c h a s e s = $ 42, 250 - $ 7, 500 + $ 9, 000 \\ = $ 43, 750 \end{array}$

d.

$\begin{array}{l} C O G S = B e g i n n i n g i n v e n t o r y + P u r c h a s e s - E n d i n g i n v e n t o r y \\ = $ 8, 000 + $ 32, 000 - $ 6, 600 \\ = $ 33, 400 \\ G r o s s \Pr o f i t = S a l e s - C O G S \\ S a l e s = G r o s s \Pr o f i t + S a l e s \\ = $ 45, 600 + $ 33, 400 \\ = $ 80, 000 \end{array}$

e.

$\begin{array}{l} C O G S = B e g i n n i n g i n v e n t o r y + P u r c h a s e s - E n d i n g i n v e n t o r y \\ $ 7, 000 = $ 4, 560 + $ 6, 600 - E n d i n g i n v e n t o r y \\ E n d i n g i n v e n t o r y = $ 11, 160 - $ 7, 000 \\ E n d i n g i n v e n t o r y = $ 4, 160 \\ G r o s s \Pr o f i t = S a l e s - C O G S \\ = 25, 600 - $ 7, 000 \\ = $ 18, 600 \\ N e t I n c o m e = G r o s s \Pr o f i t - E x p e n s e s \\ = $ 18, 600 - $ 6, 000 \\ = $ 12, 600 \end{array}$