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).. .