Using the following information for a periodic inventory system, what is the amount of net income?

Question

Quizplus · Accepted Answer

Cost of goods sold = Inventory on September 1 + Purchases - Inventory on September 30 = $5,700 + $32,000 - $6,370 = $31,330
Operating income = Sales - Cost of goods sold - Administrative expenses - Selling expenses = $63,000 - $31,330 - $910 - $960 = $29,800
Net income = Operating income + Rent revenue - Interest expense = $29,800 + $1,200 - $1,040 = $29,960

Using the Following Information for a Periodic Inventory System, What