compute the missing amounts 552814
Computing cost of goods sold
Consider the following partially completed income statements:
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compute the missing amounts 552814
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|
Fit Apparel |
Jones, Inc. |
|
|
Sales |
$ 101,000 |
(d) |
|
Cost of goods sold |
||
|
Beginning inventory |
(a) |
$ 29,000 |
|
Purchases and freight in |
48,000 |
(e) |
|
Cost of goods available for sale |
(b) |
88,000 |
|
Ending inventory |
1,900 |
1,900 |
|
Cost of goods sold |
59,000 |
(f) |
|
Gross margin |
$ 42,000 |
$ 113,000 |
|
Selling and administrative expenses |
(c) |
84,000 |
|
Operating income |
$ 13,000 |
(g) |
Requirement
1. Compute the missing amounts.
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