Fill in the blanks (a) through (g) for the Morrison Company for each of the income statements for years 1, 2, and 3. Morrison CompanyIncome StatementsFor the years ended December 31?Year 1Year 2Year 3Sales$7,500$10,000(f)Cost of goods sold??? Merchandise inventory (beginning)(a)375750 Total cost of merchandise purchases2,4003,6254,875 Merchandise inventory (ending)(b) 750 625 Cost of goods sold2,770(d) 5,000Gross profit(c)6,7505,200Operating expenses 3,750 3,750(g)Net income $ 980(e) $ 2,500
What will be an ideal response?
| Morrison Company Income Statements For the years ended December 31 | |||
| ? | Year 1 | Year 2 | Year 3 |
| Sales | $7,500 | $10,000 | (f) $10,200 |
| Cost of goods sold | ? | ? | ? |
| Merchandise inventory (beginning) | (a) 745 | 375 | 750 |
| Total cost of merchandise purchases | 2,400 | 3,625 | 4,875 |
| Merchandise inventory (ending) | (b) 375 | 750 | 625 |
| Cost of goods sold | 2,770 | (d) 3,250 | 5,000 |
| Gross profit | (c) 4,730 | 6,750 | 5,200 |
| Operating expenses | 3,750 | 3,750 | (g) 2,700 |
| Net income | $ 980 | (e) $3,000 | $ 2,500 |
(a) 2,770 + 375 - 2400 = 745
(b) 375, the beginning inventory for Year 2 is the ending inventory for Year 1
(c) 980 + 3,750 = 4,730
(d) 10,000 - 6,750 = 3,250
(e) 6,750 - 3,750 = 3,000
(f) 5,000 + 5,200 = 10,200
(g) 5,200 - 2,500 = 2,700
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