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Income statement relationship

29. Income statement relationships.
Fill in the appropriate blanks for each of the independent situations below.

Company A Company B Company C
Sales (a) $_______ $343,400 $540,000
Beginning inventory 52,600 (d) _______ 90,000
Net purchases 175,300 255,600 (g) _______
Ending inventory 52,200 108,000 63,000
Cost of goods sold (b) _______(e) _______ 407,000
Gross profit 85,300 98,000 (h) _______
Operating expenses (c) _______50,000 48,000
Income before taxes 6,000 (f) _______ (i) _______

(a)_________
(b)_________
(c)_________
(d)_________
(e)_________
(f)_________
(g)_________
(h)_________
(i)__________

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See the attached file.

Fill in the appropriate blanks for each of the independent situations below. 

Company A Company B Company C
Sales (a)  $_______   $343,400 $540,000
Beginning ...

Solution Summary

This post shows how to calculate sales, beginning inventory net purchases, ending inventory, cost of goods sold, gross profit, operating expenses and income before taxes

$2.19