Ask Question
BusinessBusiness
15 February, 19:58

Using the information below, calculate net income for the period.

-Sales revenues for the period $1,304,000

-Operating expenses for the period $239,000

-Finished Goods Inventory, January 1 $36,000

-Finished Goods Inventory, December 31 $41,000

-Cost of goods manufactured for the period $540,000

A - $774,000.

B - $769,000.

C - $530,000.

D - $535,000.

E - $448,000.

+4
Answers (1)
  1. 15 February, 21:16
    0
    Net income for the period is C - $530,000.

    Explanation:

    Cost of goods sold is calculated by following formula:

    Cost of goods sold = Finished Goods Inventory, January 1 + Cost of goods manufactured for the period - Finished Goods Inventory, December 31 = $36,000 + $540,000 - $41,000 = $535,000

    Net income for the period = Sales revenues for the period - Cost of goods sold - Operating expenses for the period = $1,304,000 - $535,000 - $239,000 = $530,000
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Using the information below, calculate net income for the period. -Sales revenues for the period $1,304,000 -Operating expenses for the ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred: Sept. 6 Purchased calculators from Crane Co.
Answers (1)
Albright Motors is expected to pay a year-end dividend of $3.00 a share (D1 = $3.00). The stock currently sells for $30 a share. The required (and expected) rate of return on the stock is 16 percent.
Answers (1)
A coal company invests $12 million in a mine estimated to have 20 million tons of coal and no salvage value. it is expected that the mine will be in operation for 5 years. in the first year, 1,000,000 tons of coal are extracted and sold.
Answers (1)
Which of the following is an example of pretexting? A. A person accessing your email account without permission B. A person stealing a credit card bill from your mailbox C. A retailer scanning your credit card to steal its number D.
Answers (1)
Marketing practitioners commonly refer to the 4 P's of the Marketing Mix: Product, Price, Place and Promotion. In the service environment, however, three additional P's are added due to the unique nature of services. They are:
Answers (1)
New Questions in Business
Which of the following is not true regarding economic exposure? a. The impact of a change in the local currency on inflow and outflow variables can sometimes be indirect and therefore different from what is expected. b.
Answers (1)
A furniture store buys 100 footstools from a distributor at a cost of $230 each plus an overhead charge of $50 per order. The retail markup is 25% on the total price paid. Find the profit on the sale of one footstool.
Answers (1)
The University Golf Shop desires to make $10,000 in pretax profits. If the contribution margin ratio (CMR) is 50% and the fixed costs are $110,000, what is the required level of sales
Answers (1)
Uriah received the following interest payments:Interest of $400 on an overpayment of a previous year's Federal income taxesInterest of $300 on an award received for money lost due to fraud by his previous investment advisorInterest of $1,500 on
Answers (1)
4. Trade policies Tariffs and quotas do which of the following? Benefit domestic producers of the protected good and harm domestic consumers of the protected good Benefit foreign producers of the protected good and harm domestic producers of the
Answers (1)
Home » Business » Using the information below, calculate net income for the period. -Sales revenues for the period $1,304,000 -Operating expenses for the period $239,000 -Finished Goods Inventory, January 1 $36,000 -Finished Goods Inventory, December 31 $41,000 -Cost
Sign Up Forgot Password?