Data tableCompanyCailleyLawsonHoltsNugentBeginningInventoryNet Sales$ 102,000 $134,000(e)85,000NetPurchases26,000 $32,000(f)12,00058,000 $53,00032,000EndingInventory22,00033,00026,000(g)Cost ofGoods Sold(a)(d)66,00032,000GrossProfit(b)41,00029,000(h) Requirement 1. Supply the missing income statement amounts for each of thecompanies.

Name: Data tableCompanyCailleyLawsonHoltsNugentBeginningInventoryNet Sales$
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Description: Data tableCompanyCailleyLawsonHoltsNugentBeginningInventoryNet Sales$ 102,000 $134,000(e)85,000NetPurchases26,000 $32,000(f)12,00058,000 $53,00032,000EndingInventory22,00033,00026,000(g)Cost ofGoods Sold(a)(d)66,00032,000GrossProfit(b)41,00029,000(h

Gross profit is the difference between net sales and cost of goods sold. The cost of goods sold is…

Business

Accounting

Data table Company Cailley Lawson Holts Nugent Beginning Inventory 85,000 Net Sales $ 102,000 $ 26,000 $ 134,000 32,000 Net Ending Purchases Inventory 12,000 58,000 $ (c) 53,000 32,000 22,000 33,000 26,000 (g) Cost of Goods Sold (a) (d) 66,000 32,000 Gross Profit (b) 41,000 29,000 (h)

Data table Company Cailley Lawson Holts Nugent Beginning Inventory 85,000 Net Sales $ 102,000 $ 26,000 $ 134,000 32,000 Net Ending Purchases Inventory 12,000 58,000 $ (c) 53,000 32,000 22,000 33,000 26,000 (g) Cost of Goods Sold (a) (d) 66,000 32,000 Gross Profit (b) 41,000 29,000 (h)

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

Data table
Company
Cailley
Lawson
Holts
Nugent
Beginning
Inventory
Net Sales
$ 102,000 $
134,000
(e)
85,000
Net
Purchases
26,000 $
32,000
(f)
12,000
58,000 $
53,000
32,000
Ending
Inventory
22,000
33,000
26,000
(g)
Cost of
Goods Sold
(a)
(d)
66,000
32,000
Gross
Profit
(b)
41,000
29,000
(h)

Requirement 1. Supply the missing income statement amounts for each of the
companies.

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Step 1: Introduce to gross profit

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Step 2: Working for missing data for Cailey Company

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Step 3: Working for missing data for Lawson Company

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Step 4: Working for missing data for Holts Company

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Step 5: Working for missing data for Nugent Company

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