Question

Secure l https://www.mathxJ.cc rTest.aspx/testResultld 6391155518back-/Stu 3F mode%3DPastT Alex Grubish | 3/13/18 11:41 PM Acct 2001 (Sect 03/04), Spring 2018 Review Quiz: Ch 6: COGS (25 pts) Test Score: 70.59%, 17.65 of 25 10, 1 ▼ Score: 17.65 of 25 pts %) E6-22A (similar to) MusicCilty specializes in sound equipment. Because each inventory item is exponsive, MusicCity uses a perpetual inventory system Company records indicate the following data for a line of speakers Question Help (click the icon to view the data ) Requirements 1. Determine the amounts that MusicCity should report for cost of goods sold and ending inventory two ways 2. Musico y uses the FIFO method Prepare Music it S in me statement tor the month ended June 30, 2016 eporting gross pro b. Using the LIFO method, the cost of goods sold is 619 and the ending inventory is 560 a. FIFO b. LIFO Operating expenses t ta 200, and he nor e tax rate was 35% Requirement 2. MtusicCity uses the FIFO method Prepare MusicCity's income statement for the month ended Jlune 30, 2016, reporting gross profit Operating expenses totaled $290, and the income tax rate was 35%, (Round answers to the neares dollar) MusicCity Income Statement Month Ended June 30, 2016 Data Table Sales revenue Cost of goods sold Gross profit Operating expenses Income before income tax Income tax expense Net income 1,091 616 475 290 185 65 120 Date tem Quantity Unit Cost Sale Price 18 S 56 1 Balance 2 Purchase 7 Sale 13 Sale Jun 57 106 91 Print Done Move your pointer over or tap on the cells with red arrows to see incorrect answers

Super easy problem, but I cannot figure out how to find the sales revenue (1,091) on the income statement, please help with that!

Answer 1

Sales revenue = (6*106)+(5*91)= $1091