Compute the Missing Amounts for the Income Statement for Each

question 127

Essay

Compute the missing amounts for the income statement for each independent case. $$\begin{array} { l r c r } & \text { Case A } & \text { Case B } & \text { Case C } \\\text { Sales revenue } & \$ 800 & \$ 800 & \\\text { Beginning inventory } & 100 & & \$ 90 \\\text { Purchases } & 500 & 420 & \\\text { Total goods available } & & & \\\text { for sale } & & & \\\text { Ending inventory } & 150 & 110 & 160 \\\text { Cost of goods sold } & & & 340 \\\text { Gross margin } & & & \\\text { Expenses } & 300 & 400 & 420 \\\text { Net Income } & & ( 50 ) & 60\end{array}$$

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