Question

Use the following to answer questions 30 – 35

Find the missing amounts:

	Case 1	Case 2	Case 3
Net Sales	$800,000	$745,800	?
COGS	?	510,300	477,800
Gross profit	398,500	?	368,000
Operating expense	308,400	145,800	?
Operating income	?	?	124,500

30. $____________For case 1, determine cost of goods sold

31. $____________For case 1, determine operating income (include “-“ if needed)

32. $____________For case 2, determine gross profit

33. $____________For case 2, determine operating income (include “-“ if needed)

34. $____________For case 3, determine net sales

35. $____________For case 3, determine operating expense

36. Inventory records for DAD Incorporated revealed the following:

Date	Transaction	Number of Units	Unit Cost
Apr. 1	Beginning inventory	100	$452.00
Apr. 10	Purchase	500	$456.00

DAD sold 550 units of inventory during the month. Ending inventory assuming LIFO would be $____________

Answer 1