See the Following Separate Cases

question 104

Essay

See the following separate cases.
Case #1 Case #2
Sales $1,000 $1,300
Cost of goods manufactured A 500
Finished goods inventory (beginning balance) 100 D
Finished goods inventory (ending balance) 150 200
Cost of goods sold B 600
Gross margin 300 E
Selling expenses C 75
Administrative expenses 50 40
Operating income 200 F
Required: Solve for the missing amounts (A, B, C, D, E, and F).

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Definitions:

Drawer

In banking and finance, it refers to the individual or entity that writes or issues a check or draft instructing the drawee to pay the stated amount to a third party (the payee).

Endorsement

An official signing or inscribing of one's name on a document to validate it or transfer its ownership.

Direct Deposit

An electronic process, preauthorized by a customer, that allows funds to be deposited directly into the customer’s bank account.

Multiple Forgeries

Acts of fraudulently making or altering multiple written documents or signatures to deceive others.