Dear Prof. Stiner,
Thank you for your reply and your corrections of my English.
Homework Answers;
1. This is the usual form of an Income statement in the U.S.;
Revenue minus Cost of Goods Sold is Gross margin and Gross margin minus Operating Expenses is Net Income or Loss.
2. It is $15,000.
3. It is rising because First purchase cost
is $10,000,
Second purchase cost is $12,000 and Third purchase cost is $15,000.
4. LIFO is better than FIFO for Beach Toys Inc.
5.
|
English |
Japanese |
|
cost of goods sold |
uriage-genka |
|
first-in, first-out |
sakiire-sakidashiho |
|
gross margin |
uriage-sorieki |
|
inventory |
tanaoroshi-shisan |
|
last-in, first-out |
atoire-sakidashiho |
|
net income |
jun-rieki |
|
purchase |
shiire |
|
revenue |
shueki |
|
sale |
uriagedaka |
Sincerely,
Yoshi