Inventories, Cost of Goods Sold, and Net Income
The data presented below are for a retail organization and a manufacturing organization.
1. Fill in the missing data for the retail organization:
|
First Quarter |
Second Quarter |
Third Quarter |
Fourth Quarter |
|
|
Sales |
$9 |
$ e |
$15 |
$ k |
|
Gross margin |
a |
4 |
5 |
1 |
|
Ending merchandise inventory |
5 |
f |
5 |
m |
|
Beginning merchandise inventory |
4 |
g |
h |
5 |
|
Net cost of purchases |
b |
7 |
9 |
n |
|
Operating income |
3 |
2 |
i |
2 |
|
Operating expenses |
c |
2 |
2 |
4 |
|
Cost of goods sold |
5 |
6 |
j |
11 |
|
Cost of goods available for sale |
d |
12 |
15 |
15 |
2. Fill in the missing data for the manufacturing organization:
|
First Quarter |
Second Quarter |
Third Quarter |
Fourth Quarter |
|
|
Ending finished goods inventory |
$a |
$ 3 |
$ h |
$ 6 |
|
Cost of goods sold |
6 |
3 |
5 |
1 |
|
Operating income |
1 |
3 |
1 |
m |
|
Cost of goods available for sale |
8 |
d |
10 |
13 |
|
Cost of goods manufactured |
5 |
e |
i |
8 |
|
Gross margin |
4 |
f |
j |
7 |
|
Operating expenses |
3 |
g |
5 |
6 |
|
Beginning finished goods inventory |
b |
2 |
3 |
n |
|
Sales |
c |
10 |
k |
14 |