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6 December, 05:29

Artisanâ Inspiration, Inc. is a merchandiser of stone ornaments. The company sold 6 comma 500 units during the year. The company has provided the followingâ information: Sales Revenue $ 590 comma 000 Purchasesâ (excluding Freightâ In) 302 comma 000 Selling and Administrative Expenses 67 comma 000 Freight In 15 comma 000 Beginning Merchandise Inventory 43 comma 000 Ending Merchandise Inventory 43 comma 000 What is the operating income for theâ year?

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  1. 6 December, 08:23
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    206,000

    Explanation:

    Sales = 590000

    - CGS = 302000

    Gross profit = 288,000

    Less Operating Expenses:

    Sellings and Admin expenses = 67000

    Freight in = 15000

    Total Operating expenses = 82000

    Operating Income = 206,000

    CGS = Beginning inventory + Purchases - Ending Inventory

    CGS = 43,000 + 302,000 - 43,000 = 302,000
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