Question - The following data are availale for Cut Throat Products, a partnership:
|
Year
|
Sales
|
Beginning Inventory
|
Ending Inventory
|
Operating Expenses
|
|
2003
|
$93,600
|
$16,000
|
$24,000
|
$8,000
|
|
2004
|
$93,600
|
$16,000
|
$24,000
|
$18,000
|
|
2005
|
$93,600
|
$16,000
|
$24,000
|
$12,000
|
Compute the purchases and the net income for the partnership for 2013,2014, and 2015, assuming that the firm sell its merchndise at 25 percent above cost.