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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.

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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
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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
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