Inventories, Cost of goods sold, and net Incomee7A.The data that follow are for a retail organizatio 1 answer below »

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Inventories, Cost of goods sold, and net Incomee7A.The data that follow are for a retail organization and a manufacturing organization.1. Fill in the missing data for the retail organization:FirstQuartersecond QuarterThird QuarterFourth QuarterSales $10 $(e) $15 $(k)Gross margin (a) 4 5 (l) Ending merchandise inventory 5 (f ) 5 (m) Beginning merchandise inventory 4 (g) (h) 5Net cost of purchases (b) 7 11 (n)Operating income 3 2 (i) 2Operating expenses (c) 2 1 4Cost of goods sold 5 8 (j) 12Cost of goods available for sale (d) 12 15 152. Fill in the missing data for the manufacturing organization:FirstQuartersecond QuarterThird QuarterFourth QuarterEnding finished goods inventory $(a) $3 $(h) $ 6 Cost of goods sold 6 3 5 (l)Operating income 2 3 2 (m) Cost of goods available for sale 8 (d) 10 13Cost of goods manufactured 5 (e) (i) 8Gross margin 4 (f ) (j) 7Operating expenses 2 (g) 4 5Beginning finished goods inventory (b) 2 3 (n) Sales (c) 10 (k) 14

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