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Ames Power Point had sales in October of $28,000,000 for its three stores in Toronto.The beginning merchandise inventories for October and November were $5,000,000 and $4,000,000, respectively.October purchases totalled $19,000,000.All sales are on account (terms 2/15, net 30 days)and are collected 50 percent in the month of the sale and 50 percent in the following month.One-half of all sales discounts are taken for a total of $265,000.September sales totalled $25,000,000 while November sales were $30,000,000.Additional information for October is as follows: Required:
Using an appropriately formatted income statement, determine the operating income of the company.
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A reflective process of progressive problem-solving led by individuals working with others in teams or as part of a "community of practice" to improve the way they address issues and solve problems.
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