Salon Cuts is a retail chain specializing in salon-quality hair-care products. During the year, Salon Cuts had sales of $39,150,000. The company began the year with $3,775,000 of merchandise inventory and ended the year with $4,750,000 of Inventory. During the year, Salon Cuts purchased $21,400,000 of merchandise inventory. The company's selling, general, and administrative expenses totaled $7,185,000 for the year. Prepare Salon Cuts' income statement for the year.
Begin by calculating Salon Cuts' cost of goods sold using the table below.
Salon Cuts
Calculation of Cost of Goods Sold
For the Year Ended
able[[Beginning inventory,$,3,775,000
Salon-Cuts is a retail chain specializing in salon-quality hair-care products.During the year, Salon Cuts had sales of $39,150,000.The company began the year with $3,775,000 of merchandise expenses totaled $7,185,000 for the year.Prepare Salon Cuts'income statement for the year
Begin by calculating Salon Cuts'cost of goods sold using the table below
Salon Cuts
Calculation of Cost of Goods Sold For the Year Ended Beginning inventory S 3,775,000 Purchases 21,400,000 Plus: Cost of goods available for sale 25,175,000 4,750,000 Less: Ending inventory 20.425.00 Cost of goods sold
Now prepare Salon Cuts'income statement for the year Salon Cuts Income Statement For the Year Ended Sales revenues Sales revenues 7 Less:
Less: