As noted in the table below, items are omitted in each of the following tabulations of income statement data for a business following ASPE.RequiredFill in the amounts that are missing. 201820192020Sales$290,000$ (d) $410,000Sales returns 6,000 13,000(g) Net sales(a) 347,000(h) Beginning inventory20,00032,000(i) Ending inventory(b) (e) (j) Purchases(c) 260,000298,000Purchase returns and allowances5,0008,00010,000Transportation in8,0009,00012,000Cost of goods sold 238,000(f) 303,000Gross profit on sales46,00091,00097,000

The above computations are based on below partial pro-forma income statement.

Answered: As noted in the table below, items are…

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 59BE

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Question

As noted in the table below, items are omitted in each of the following tabulations of income statement data for a business following ASPE.

Required

	2018	2019	2020
Sales	$290,000	$ (d)	$410,000
Sales returns	6,000	13,000	(g)
Net sales	(a)	347,000	(h)
Beginning inventory	20,000	32,000	(i)
Ending inventory	(b)	(e)	(j)
Purchases	(c)	260,000	298,000
Purchase returns and allowances	5,000	8,000	10,000
Transportation in	8,000	9,000	12,000
Cost of goods sold	238,000	(f)	303,000
Gross profit on sales	46,000	91,000	97,000