Chyna Corporation has the following statement of comprehensive income for the year ended December 31, 2017: Sales revenue $100,000 Cost of goods sold: Beginning inventory $12,000 Purchases (net)...


a. $22,000
b. $18,000
c. $20,000
d. None of them


Chyna Corporation has the following statement of comprehensive income for the year ended December 31, 2017:<br>Sales revenue<br>$100,000<br>Cost of goods sold:<br>Beginning inventory<br>$12,000<br>Purchases (net)<br>48,000<br>Cost of goods available for sale $60,000<br>Cost of ending inventory<br>12,000<br>Cost of goods sold<br>48,000<br>Gross margin<br>$52,000<br>Expenses<br>30,000<br>Net income<br>$22,000<br>Given this information, if ending inventory was $10,000 instead of $12,000, net income would be<br>

Extracted text: Chyna Corporation has the following statement of comprehensive income for the year ended December 31, 2017: Sales revenue $100,000 Cost of goods sold: Beginning inventory $12,000 Purchases (net) 48,000 Cost of goods available for sale $60,000 Cost of ending inventory 12,000 Cost of goods sold 48,000 Gross margin $52,000 Expenses 30,000 Net income $22,000 Given this information, if ending inventory was $10,000 instead of $12,000, net income would be

Jun 11, 2022
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