Question

In 2014, Craig Gonzales opened Craig’s Pets, a small retail shop selling pet supplies. On December 31, 2014, the accounting records for Craig’s Pets showed the following:
Inventory on December 31, 2014 .......... $ 10,100
Inventory on January 1, 2014 .......... 15,400
Sales Revenue ................ 58,000
Utilities Expense for the shop .......... 3,300
Rent for the shop ................. 4,500
Sales Commissions .............. 2,850
Purchases of Merchandise Inventory ....... 26,000

Requirements
1. Prepare an income statement for Craig’s Pets for the year ended December 31, 2014.
2. Craig’s Pets sold 3,900 units. Determine the unit cost of the merchandise sold.



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  • CreatedJanuary 16, 2015
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