Porches, Inc. sells lawn furniture. Selected financial information for the most recent year is as follows:
Beginning merchandise inventory on January 1 was $33,000.
Ending merchandise inventory on December 31 was $35,000.
Purchases during the year were $92,000.
Selling and administrative expenses were $75,000.
Sales for year were $262,000.
What was operating income for the year?
A) $90,000
B) $97,000
C) $95,000
D) $93,000
B
Explanation: B) Calculations: $92,000 + $33,000 = $125,000 - $35,000 = $90,000. Next $262,000 - $90,000 = $172,000 - $75,000 = $97,000
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