Note: Please provide the answers in excel format, I just want to know the output

Question

Note: Please provide the answers in excel format, I just want to know the output in detail(Excel format preferred)

The following is a list of selected events for Unger Sales and Service for 2012. Unger uses a perpetual inventory system and had a zero inventory balance prior to these transactions.

1) Purchased merchandise on account for $67,000.

2) Sold inventory costing $48,000 for $88,000 on account.

3) Paid transportation-out cost of $1,000 on goods sold.

4) Paid salary expense of $25,000.

5) A count of the inventory revealed that there was $18,500 of inventory on hand at the end of 2012.

Required:

Answer the following questions based on the above information.

a) What was Unger's net income for 2012?

b) Compute gross margin for 2012.

c) What amount of inventory will appear on the balance sheet for 2012?

d) Prepare an income statement for 2012.

Explanation / Answer

PurchaseValue Sales Value Purchase 67000 Sold 48000 88000 Closing stock 19000 Less : Damage 500 Closing stock 18500 a) Net Income Sales 88000 Less : Cost of goods sold 48000 Less : Damage 500 48500 Gross Income 39500 Less : transportation out 1000 Salary Expense 25000 26000 NeT Income 13500 b) Gross Margin = Gross Profit/ Sales                                  = 39500 / 88000 *100                                  = 44.89% c) The amount of inventory which will appear on the balance sheet as on 31st December 2012 is $18500 d) Income Statement for 2012 Sales 88000 Less : Cost of goods sold 48000 Less : Damage 500 48500 Gross Income 39500 Less : transportation out 1000 Salary Expense 25000 26000 NeT Income 13500

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