Sales revenue
Utilities expense
Sales returns
Income tax expense
Inventory (begin)
Inventory (end)
Determine:
1. Gross profit
2. Operating income
3. Income before tax
4. Net Income
5. Purchases
6. Gross profit ratio (two decimal places)
Beginning inventory
Purchase 1
Purchase 2
The company has 50 units remaining on December 31st
7. Determine ending inventory using FIFO:
8. Determine ending inventory using LIFO:
$990,000 Interest expense
8,000 Interest revenue
15,000 Cost of goods sold
7,000 Rent Expense
65,000 Salaries expense
32,000
$
$
$
$
$
____ ____ %
Units
Cost per unit
220
$40.00
600
$42.00
180
$48.00
$
$
$4,000
6,000
500,000
15,000
400,000