### Inventory and Profit AnalysisThis table provides a financial analysis of merchandise inventory, cost of goods sold (COGS), and gross profit. It is structured to show the relationship between these variables in three different scenarios.**Columns:**1. **Inventory:** Represents the ending merchandise inventory values.2. **Cost of Goods Sold (COGS):** Denotes the costs associated with the production of goods sold by a company.3. **Gross Profit:** Calculated as the difference between Inventory and COGS.**Data:**- **First Row:** - Inventory: $136,000 - COGS: $186,000 - Gross Profit: Amount not provided- **Second Row:** - Inventory: $176,000 - COGS: $228,000 - Gross Profit: Amount not provided- **Third Row:** - Inventory: $89,000 - COGS: Value not provided - Gross Profit: Amount not provided**Explanation:**- The table illustrates that gross profit is typically computed by subtracting the cost of goods sold from the ending inventory. However, specific figures for gross profit are missing, indicating areas for further calculation or data entry.This table can demonstrate fundamental accounting concepts and highlight the financial status of a business concerning its inventory and sales costs. **Calculate the missing items in the following. Enter all numbers as positive values.**| | Sales | Sales Returns and Allowances | Net Sales | Beginning Merchandise Inventory | Net Purchases | Cost of Goods Available for Sale ||--------------------|-----------|-------------------------------|-----------|-------------------------------|---------------|----------------------------------|| a. | $242,000 | $6,000 | $________ | $152,000 | $170,000 | $________ || b. | 304,000 | $________ | 297,000 | 134,000 | $________ | 404,000 || c. | $________ | 10,000 | 628,000 | $________ | 416,000 | 486,000 |In this table, you are asked to calculate the missing values based on the given numbers. Each row represents a different scenario where some values are provided while others need to be computed. Use appropriate formulas to find the missing numbers.- For Net Sales: Subtract Sales Returns and Allowances from Sales.- For Cost of Goods Available for Sale: Add Beginning Merchandise Inventory and Net Purchases.

Name: ### Inventory and Profit AnalysisThis table provides a financial anal
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Description: ### Inventory and Profit AnalysisThis table provides a financial analysis of merchandise inventory, cost of goods sold (COGS), and gross profit. It is structured to show the relationship between these variables in three different scenarios.**Columns

Formula: Net sales = Sales - Sales returns and allowances. Deduction of sales returns and allowances…

Business

Accounting

Calculate the missing items in the following. Enter all numbers as positive values. Sales Returns and Beginning Merchandise Cost of Goods Available Sales Allowances Net Sales Inventory Net Purchases for Sale а. $242,000 $6,000 $152,000 $170,000 b. 304,000 297,000 134,000 404,000 C. 10,000 628,000 416,000 486,000

Calculate the missing items in the following. Enter all numbers as positive values. Sales Returns and Beginning Merchandise Cost of Goods Available Sales Allowances Net Sales Inventory Net Purchases for Sale а. $242,000 $6,000 $152,000 $170,000 b. 304,000 297,000 134,000 404,000 C. 10,000 628,000 416,000 486,000

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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