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Merchandising Activities Chapter 6 PowerPoint Authors: Susan Coomer Galbreath, Ph.D., CPA Charles W. Caldwell, D.B.A., CMA Jon A. Booker, Ph.D., CPA, CIA Cynthia J. Rooney, Ph.D., CPA McGraw-Hill/Irwin Copyright©2012TheMcGraw-Hill Companies,Inc. Operating Cycle of a Merchandising Company 6­2 Income Statement of a Merchandising Company ComputerCity Condensed Income Statement Forthe YearEnded December31,2011 Cost of goods sold represents Revenue fromsales $ 900,000 the expense Less: Costofgoods sold Gross profit Less: Expenses Netincome 540,000 $ 360,000 270,000 $ 90,000 of goods that are sold to customers. Gross profit is a useful means of measuring the profitability of sales transactions. 6­3 Perpetual Inventory Systems On September 5, Worley Co. purchased 100 laser lights for resale for $30 per unit from Electronic City on account. 6­4 Perpetual Inventory Systems On September 10, Worley Co. sold 10 laser lights for $50 per unit on account to ABC Radios. 10 $50 = $500 Retail 10 $30 = $300 Cost 6­5 ... - tailieumienphi.vn