Factory supervisors\' salaries. Last month CyberGames, a computer game retailer,

Question

Factory supervisors' salaries. Last month CyberGames, a computer game retailer, had total sales of $3,570,000, selling expenses of $112,000 and administrative expenses of $500,000. The company had beginning merchandise inventory of $137,000, purchased additional merchandise inventory for $2,560,000, and had ending merchandise inventory of $187,000 Required Prepare an income statement for the company for the month (Omit the "$" sign in your response.) CyberGames Income Statement (Click to select) Cost of goods sold Click to select)

Explanation / Answer

INCOME STATEMENT CYBER GAMES PARTICULARS AMOUNT AMOUNT IN USD SALES 3570000 COST OF GOODS SOLD OPENING INVENTORY 137000 PURCHASED INVENTORY 2560000 ENDING INVENTORY 187000 COGS    2510000 SELLING EXPENSES 112000 ADMIN EXPENSES 500000 SELLING AND ADMIN EXPENSES 612000 NET PROFIT 448000 COST OF GOODS SOLD = OPENING INVENTORY+PURCHASED INVENTORY-ENDING INVENTORY

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