Supply the missing amounts for each of the following companies:

Requirement

1. Prepare the income statement for Altieri Company for the year ended December 31, 2018. Use the cost-of-goods-sold model to compute cost of goods sold. Altieri’s operating and other expenses for the year were $34,000. Ignore income tax.

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Cost of Goods Net Purchases Beginning Ending Inventory Gross Profit Net Sales Company Altieri Malbasa Hoffman Hinkel Sold Inventory $115,000 $63,000 (b) (a) (d) 69,000 $26,000 $20,000 150,000 31,000 (f) (c) 29,000 23,000 (g) 57,000 31,000 (h) 55,000 26,000 (e) 80,000 11,000 32,000