Computing cost of goods sold
Consider the following partially completed income statements:
| 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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