ales $63,000 $43,600 $41,000 ________ $24,500 Cost of goods sold Merchandise inventory (beginning) $7,500 $16,290 $5,200 $7,700 $4,400 Total cost of merchandise purchases $33,000 _______ _______ $33,000 $6,800 Merchandise Inventory (ending) _______ $-2,700 $-8,300 $-7,400 ______ Cost of goods sold $33,450 $17,000 _______ ______ $6,400 Gross profit _______ _______ $5,600 $41,600 _______ Expenses $12,000 $11,630 $11,270 $4,800
Fill in the blanks in the following separate income statements a through e. (amounts to be deducted should be indicated by a minus sign)
|
a b c d e Sales $63,000 $43,600 $41,000 ________ $24,500 Cost of goods sold Merchandise inventory (beginning) $7,500 $16,290 $5,200 $7,700 $4,400 Total cost of merchandise purchases $33,000 _______ _______ $33,000 $6,800 Merchandise Inventory (ending) _______ $-2,700 $-8,300 $-7,400 ______ Cost of goods sold $33,450 $17,000 _______ ______ $6,400 Gross profit _______ _______ $5,600 $41,600 _______ Expenses $12,000 $11,630 $11,270 $4,800 $7,800 Net income (loss) _______ $14,970 $-5,670 $41,300 _______ |
Solution
Formulas used
Cost of goods sold =merchandise inventory (beginning ) + total cost of merchandise purchases - Merchandise Inventory (ending)
Merchandise Inventory (ending) = Cost of goods sold - merchandise inventory (beginning ) - total cost of merchandise purchases
Gross profit =sales - Cost of goods sold
Sales = Cost of goods sold + Gross profit
Total cost of merchandise purchases = Cost of goods sold + Merchandise Inventory (ending) - merchandise inventory (beginning )
Net income (loss) = Gross profit - Expenses
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
