Use the following information from a merchandising company and from a service company to complete the requirements.

1. For the merchandiser only, compute

(a) Goods available for sale,

(b) Cost of goods sold, and

(c) Gross profit.
2. Compute net income for each company.

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SaveCo Merchandiser Supplies.......... $ 10 Expenses...... Beginning inventory... 100 Net purchases... Ending inventory....... 50 Net sales...... $ 20 80 190 HI-Tech Services Expenses... $170 Prepaid rent........ $25 200 Accounts payable. 35 65 Revenues..... Cash..... 10 Supplies........ taxe ALL