Friar Company discloses the following information for the year ended October 31, 2023:

Required
Calculate 

(a) Total operating expenses, 

(b) Cost of goods sold, 

(c) Merchandise inventory (end of period), and 

(d) Gross profit ratio (round to two decimal places).

Analysis Component:
Assuming that the gross profit ratio for the year ended October 31, 2022, was 47%, compare Friar Company’s performance from 2022 to 2023.

Transcribed Image Text:

Sales............. Sales discounts... Sales returns.......... Merchandise inventory (beginning of period).. Invoice cost of merchandise purchases.... Purchase discounts............. Purchase returns and allowances... Cost of transportation-in........... Gross profit from sales.. Profit...... $363,000 6,300 14,800 31,800 182,000 4,400 6,800 11,800 143,600 .65,800