Beginning Merchandise Net Cost of Purchases Ending Merchandise Cost of Goods Sold Net Sales Inventory Gross Profit Company Revenue Inventory $ 105,000 $ 23,000 $ 59,000 $ 22,000 24 (a) $ 45,000 Large Small (b) 27,000 94,000 (c) 99,000 40,000 Medium 96,000 (d) 58,000 24,000 68,000 (e) Petite 80,000 8,000 (f) 6,500 (g) 44,000 Requirements 1. Supply the missing amounts in the preceding table. 2. Prepare the income statement for the year ended December 31, 2019, for Large Company, which uses the periodic inventory system. Include a complete heading and show the full computation of cost of goods sold. Large's operating expeises for the vear were $12 000

Beginning Merchandise Net Cost of Purchases Ending Merchandise Cost of Goods Sold Net Sales Inventory Gross Profit Company Revenue Inventory $ 105,000 $ 23,000 $ 59,000 $ 22,000 24 (a) $ 45,000 Large Small (b) 27,000 94,000 (c) 99,000 40,000 Medium 96,000 (d) 58,000 24,000 68,000 (e) Petite 80,000 8,000 (f) 6,500 (g) 44,000 Requirements 1. Supply the missing amounts in the preceding table. 2. Prepare the income statement for the year ended December 31, 2019, for Large Company, which uses the periodic inventory system. Include a complete heading and show the full computation of cost of goods sold. Large's operating expeises for the vear were $12 000

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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Exercise 9-17 (Algo) Conventional and average cost retail methods; employee discounts [LO9-3, 9-4] LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to one of its largest departments for the month of March 2021: Cost Retail Beginning inventory Purchases $ 55,000 $ 75,000 222,000 22,680 7,000 415,000 Freight-in Purchase returns 9,500 Net markups 7,300 5,000 9,500 295,000 1,700 Net markdowns Normal breakage Net sales Employee discounts Sales are recorded net of employee discounts. Exercise 9-17 (Algo) Part 1 Required: 1. Compute estimated ending inventory and cost calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) goods sold for March applying the conventional retail method. (Round ratio Answer is not complete. Cost-to- Cost Retail Retail Ratio 24 55,000 75,000 Beginning inventory 222,000 415,000 Purchases 22 GRN…
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