Complete homework questions

P13-3A

WHITLOCK COMPANY

Income Statement

For the Year Ended November 30, 2015

Sales revenue

$7,700,000

Cost of goods sold

Beginning inventory

$1,900,000

Purchases

4,400,000

Goods available for sale

6,300,000

Ending inventory

1,400,000

Total cost of goods sold

4,900,000

Gross profit

2,800,000

Operating expenses

1,150,000

Net income

$1,650,000

P13-7A

WHITLOCK COMPANY

Income Statement

For the Year Ended November 30, 2015

Sales revenue

$7,700,000

Cost of goods sold

Beginning inventory

$1,900,000

Purchases

4,400,000

Goods available for sale

6,300,000

Ending inventory

1,400,000

Total cost of goods sold

4,900,000

Gross profit

2,800,000

Operating expenses

1,150,000

Net income

$1,650,000