Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 12 Aug 2017 My Price 5.00

Evangeline Lilly Corporation

On January 1, 2012, Evangeline Lilly Corporation had merchandise inventory of $50,000. At December 31, 2012, Evangeline Lilly had the following account balances.
Freight-in…………………………….. $ 4,000
Purchases……………………………..509,000
Purchase discounts…………………… 6,000
Purchase returns and allowances…….. 2,000
Sales revenue…………………………840,000
Sales discounts………………………. 5,000
Sales returns and allowances………… 10,000
At December 31, 2012, Evangeline Lilly determines that its ending inventory is $60,000.
Instructions
(a) Compute Evangeline Lilly’s 2012 gross profit.
(b) Compute Evangeline Lilly’s 2012 operating expenses if net income is $130,000 and there are no nonoperating activities.

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Aug 2017 08:08 PM My Price 5.00

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