Question: 2014 2015 Sales $200,000 $150,000 Beginning inventory (a)______ (e)_______ Purchases, net 40,000 40,000 Ending inventory 25,000 5,000 Cost of goods sold (b)______ 60,000 Gross profit

2014 2015

Sales $200,000 $150,000

Beginning inventory (a)______ (e)_______

Purchases, net 40,000 40,000

Ending inventory 25,000 5,000

Cost of goods sold (b)______ 60,000

Gross profit 65,000 (f)______

Operating expenses (c)______ (g)_______

Income before taxes (d)______ 40,000

Income tax expense (30%) 14,100 (h)_______

Net income (loss) 32,900 (i)________

Can you add your work for each missing blank please!

Required: Fill in the blanks for the missing data.

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