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  3. please answer part 3: 1. calculate the...

please answer Part 3: 1. Calculate the...

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Accounting

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Part 3: 1. Calculate the five critical subtotals in the multistep income statement based on the information provided in this table: Sales 960,000 Sales returns 14,300 Sales discounts 9,000 Cost of Goods Sold 275,000 Total Operating 135,000 Expenses Interest Income 8,000 Interest Expense 16,000 Income Tax Expense 15,000 Amount: a. Net Sales b. Gross Profit C. Income From Operations d. Income Before Taxes e. Net Income 2. Fill in the blanks. If costs are rising, then...... a) LIFO COGS is (greater or less than) FIFO COGS b) LIFO ending inventory is (greater or less than) FIFO ending inventory c) Net Income for a company using LIFO will be greater or less than) a company that uses FIFO If COGS is understated: (Fill in with overstated or understated): d) Ending inventory is e) Net Income is f) Ending Retained Earnings are g) Stockholder's Equity is h)Assets are

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