SOLUTION TO EXERCISE 5-11
| 1. FOB destination | 13. Multiple-step income statement |
| 2. FOB shipping point | 14. Single-step income statement |
| 3. Sales revenue | 15. Periodic inventory system |
| 4. Net sales | 16. Perpetual inventory system |
| 5. Cost of goods sold | 17. Sales discount |
| 6. Gross profit | 18. Sales invoice |
| 7. Operating expenses | 19. Purchase invoice |
| 8. Gross profit rate | 20. Purchase discount |
| 9. Nonoperating activities | 21. Contra revenue account |
| 10. Other expenses and losses | 22. Purchase allowance |
| 11. Other revenues and gains | 23. Purchase return |
| 12. Income from operations | 24. Sales returns and allowances |
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