Unformatted text preview: Purchases returns and allowances 2,500 Net purchases 413,500 COST OF GOODS SOLD Beginning inventory 85,400 $ Ending inventory 74,500 Cost of goods sold ? GROSS PROFIT Gross profit ? TOTAL EXPENSES Rent 36,000 $ Salaries 145,700 Utilities 12,300 Freight-out ? Other 24,100 Total expenses 242,200 NET INCOME Net income ?...
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This note was uploaded on 02/29/2012 for the course ACCOUNTING 101 taught by Professor Hudack during the Spring '11 term at FIU.
- Spring '11