| Need to find ending inventory, gross profit and net income Please help, need directions to finding "ending Inv" ; "Gross profit" ; "net Income(loss)"
Any formulas I can use to finish the rest of the problems that go with this one? They all vary in filling in the blanks.
Truly appreciate the help!
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,000
Cost of goods sold
Merchandise inventory (beginning) . . . . . . . . . . 6,000
Total cost of merchandise purchases . . . . . . . 36,000
Merchandise inventory (ending) . . . . . . . . . . . .
Cost of goods sold . . . . . . . . . . . . . . . . . . . . . 34,050
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . .
Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,000
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . |