Determine the missing data for each letter in the following three income statements for Fulco Company (in thousands): 2014 2013 2012 Sales H. 1,144,000 Sales returns and allowances 96,000 76,000 A Net sales Q 1,268,000 Merchandise inventory, beginning R 152,000 Purchases 768,000 676,000 Purchases returns and allowances 124,000 68,000 Freight-in 116,000 88,000 Net cost of purchases 756,000 K D Cost of goods available for sale 888,000 848,000 728,000 Merchandise inventory, ending 156,000 168,000 Cost of goods sold 716,000 E Gross profit 568,000 M 504,000 Selling expenses U 312,000 General and administrative expenses 156,000 132,000 Total operating expenses 520,000 512,000 G Net income V 108,000

Determine the missing data for each letter in the following three income statements for Fulco Company (in thousands): 2014 2013 2012 Sales H. 1,144,000 Sales returns and allowances 96,000 76,000 A Net sales Q 1,268,000 Merchandise inventory, beginning R 152,000 Purchases 768,000 676,000 Purchases returns and allowances 124,000 68,000 Freight-in 116,000 88,000 Net cost of purchases 756,000 K D Cost of goods available for sale 888,000 848,000 728,000 Merchandise inventory, ending 156,000 168,000 Cost of goods sold 716,000 E Gross profit 568,000 M 504,000 Selling expenses U 312,000 General and administrative expenses 156,000 132,000 Total operating expenses 520,000 512,000 G Net income V 108,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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What is the average inventory turnover? I keep coming up with 2.362.
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