Fill in the missing amounts in the following income statement for Carpenters Department Store Inc. $125,600 Sales

Fill in the missing amounts in the following income statement for Carpenters Department Store Inc.

Transcribed Image Text:

$125,600 Sales revenue Less: Sales returns and allowances (a) Net sales $122,040 Cost of goods sold: Beginning inventory $ 23,400 $ (b) Purchases Less: Purchase discounts 1,300 $ (c) 6,550 Net purchases Add: Transportation-in Cost of goods purchased 81,150 Cost of goods available for sale Less: Ending inventory Cost of goods sold Gross profit Operating expenses $104,550 (e) (d) $ 38,600 (f) $ 26,300 10,300 $ (g) Income before tax Income tax expense Net income