1. Gross profit 2. Operating income 3. Income before tax 4. Net income 5. Purchases 6....

  

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1. Gross profit 2. Operating income 3. Income before tax 4. Net income 5. Purchases 6. Gross profit ratio (two decimal places)_____ $ $ $ Salaries expense Sales returns Utilities expense Cost of goods sold Interest expense Interest revenue Use the above $300,000 Sales revenue 10,000 15,000 Rent Expense 500,000 Income tax expense 2,000 Inventory (begin) 10,000 Inventory (end) $910,000 14,000 25,000 33,000 28,000 Use the following to answer questions 7-8 Units 100 300 200 The company has 10 units remaining on December 31st Beginning inventory Purchase 1 Purchase 2 Cost per unit $22.00 $23.00 $25.00 7. Determine ending inventory using FIFO: S 8. Determine ending inventory using LIFO: 5, 1. Gross profit 2. Operating income 3. Income before tax 4. Net income 5. Purchases 6. Gross profit ratio (two decimal places)_____ $ $ $ Salaries expense Sales returns Utilities expense Cost of goods sold Interest expense Interest revenue Use the above $300,000 Sales revenue 10,000 15,000 Rent Expense 500,000 Income tax expense 2,000 Inventory (begin) 10,000 Inventory (end) $910,000 14,000 25,000 33,000 28,000 Use the following to answer questions 7-8 Units 100 300 200 The company has 10 units remaining on December 31st Beginning inventory Purchase 1 Purchase 2 Cost per unit $22.00 $23.00 $25.00 7. Determine ending inventory using FIFO: S 8. Determine ending inventory using LIFO: 5,

Answer rating: 100% (QA)

1 Gross profit 910000500000 410000 2 Operating Income910000500000300000150002500... View the full answer