The following information appeared in a company’s income statement: Sales . . . . . . . . . . . . . . . . . . . . . . . . $300,000 Sales returns . . . . . . . . . . . . . . . . . . . 15,000 Sales discounts . . . . . . . . . . . . . . . . . 4,500 Beginning inventory . . . . . . . . . . . . . 25,000 Purchases . . . . . . . . . . . . . . . . . . . . . 180,000 Purchases returns and allowances . . . . 6,000 Purchases discounts . . . . . . . . . . . . . 3,600 Transportation-in . . . . . . . . . . . . . . . 11,000 Gross profit from sales . . . . . . . . . . . 105,000 Net income . . . . . . . . . . . . . . . . . . . 55,000 Required Calculate the (a) total operating expenses, (b) cost of goods sold, and (c) ending inventory.
The following information appeared in a company’s income statement:
Sales . . . . . . . . . . . . . . . . . . . . . . . . $300,000
Sales returns . . . . . . . . . . . . . . . . . . . 15,000
Sales discounts . . . . . . . . . . . . . . . . . 4,500
Beginning inventory . . . . . . . . . . . . . 25,000
Purchases . . . . . . . . . . . . . . . . . . . . . 180,000
Purchases returns and allowances . . . . 6,000
Purchases discounts . . . . . . . . . . . . . 3,600
Transportation-in . . . . . . . . . . . . . . . 11,000
Gross profit from sales . . . . . . . . . . . 105,000
Net income . . . . . . . . . . . . . . . . . . . 55,000
Required
Calculate the (a) total operating expenses, (b) cost of goods sold, and (c) ending inventory.
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