Exercise 2-3 (15 minutes)
CyberGames
Income Statement
Sales ... $1,450,000
Cost of goods sold:
Beginning merchandise inventory ... $ 240,000
Add: Purchases... 950,000
Goods available for sale... 1,190,000
Deduct: Ending merchandise inventory.... 170,000 1,020,000
Gross margin ... 430,000
Less operating expenses:
Selling expense... 210,000
Administrative expense... 180,000 390,000
Net operating income ... $ 40,000
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