a d Sales $ 62,000 $ 43,500 $ 46,000 $ 25,600 Cost of goods sold Merchandise inventory (beginning) 8,000 17,050 7,500 8,000 4,560 Total cost of merchandise purchases 38,000 32,000 6,600 Merchandise inventory (ending) (3,000) (9,000) (6,600) Cost of goods sold 34,050 16,000 7,000 Gross profit 3,750 45,600 Expenses 10,000 10,650 12,150 3,600 6,000 Net income (loss) 2$ 16,850 $ (8,400) $ 42,000

a d Sales $ 62,000 $ 43,500 $ 46,000 $ 25,600 Cost of goods sold Merchandise inventory (beginning) 8,000 17,050 7,500 8,000 4,560 Total cost of merchandise purchases 38,000 32,000 6,600 Merchandise inventory (ending) (3,000) (9,000) (6,600) Cost of goods sold 34,050 16,000 7,000 Gross profit 3,750 45,600 Expenses 10,000 10,650 12,150 3,600 6,000 Net income (loss) 2$ 16,850 $ (8,400) $ 42,000

Name: Using your accounting knowledge, find the missing amounts in the follo
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Description: Using your accounting knowledge, find the missing amounts in the following separate income statements. (Amounts to be deducted should be indicated by a minus sign.) adSales$ 62,000$ 43,500$ 46,000$ 25,600Cost of goods soldMerchandise inventory (begin

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 16MCQ: ( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory...

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