Taylor Company uses a periodic inventory system. The following is partial information from its income statements for 2019 and 2020:Fill in the blanks lettered a through f. ( Hint-. It probably is easiest to work through blanks according to sequential letters.) 20192020$ (b)220,000118,0002,00048,000(a)106,00065,000(c)$ (d)()140,000$$Beginning inventorySalesPurchasesPurchase returnsEnding inventoryGross profitCost of goods soldExpensesNet income3,00074,00077,000(e)62,00015,000

Name: Taylor Company uses a periodic inventory system. The following is part
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Description: Taylor Company uses a periodic inventory system. The following is partial information from its income statements for 2019 and 2020:Fill in the blanks lettered a through f. ( Hint-. It probably is easiest to work through blanks according to sequential

The missing values are calculated using the accounting formulas. Sometimes single-entry books are…

Business

Accounting

2019 2020 $ (b) 220,000 118,000 2,000 48,000 (a) 106,000 65,000 (c) $ (d) () 140,000 $ $ Beginning inventory Sales Purchases Purchase returns Ending inventory Gross profit Cost of goods sold Expenses Net income 3,000 74,000 77,000 (e) 62,000 15,000

2019 2020 $ (b) 220,000 118,000 2,000 48,000 (a) 106,000 65,000 (c) $ (d) () 140,000 $ $ Beginning inventory Sales Purchases Purchase returns Ending inventory Gross profit Cost of goods sold Expenses Net income 3,000 74,000 77,000 (e) 62,000 15,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

Taylor Company uses a periodic inventory system. The following is partial
information from its income statements for 2019 and 2020:

Fill in the blanks lettered a through f. ( Hint-. It probably is easiest to work through blanks according to sequential letters.)

2019
2020
$ (b)
220,000
118,000
2,000
48,000
(a)
106,000
65,000
(c)
$ (d)
()
140,000
$
$
Beginning inventory
Sales
Purchases
Purchase returns
Ending inventory
Gross profit
Cost of goods sold
Expenses
Net income
3,000
74,000
77,000
(e)
62,000
15,000

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