Connor Company's income statement information is as follows:
Year 2
Year 3
ginning inventory
$ (a)
$ (d)
les
206,000
(e)
archases
130,000
140,000
archases returns and allowances
7,000
6,000
eding inventory
62,000
(f)
oss profit
(b)
100,000
ost of goods sold
114,000
120,000
elling expenses
35,000
36,000
ansportation-in
2,000
5,000
general and administrative expenses
20,000
(g)
et income
(c)
43,000
quired:
Compute the missing amounts labeled (a) through (g). All the necessary information is listed. (Hint: It is not necessary to calculate your answers in alphabetical order.)
) Beginning inventory Year 2
)Gross profit Year 2
53,000
92,000
)Net income Year 2
35,000
e) Sales Year 3
d) Beginning inventory Year 3
Ending inventory Year 3
62,000
220,000
76,000
)General and administrative expenses Year 3
12,000
