E6A-3 Calculating periodic inventory amounts [10–15 min]Consider the data of the following firms for the year ended 31 December 2015:Beginninginventory purchasesEndinginventoryNetCost ofGrossFirmNet salessalesprofit$101000(b)$17 000(c)Red$22 000$65 000(a)$31 000Yellow25 00095 00096 00040 000OrangeGreen(d)12 000(e)49 0009300052 0002200062 00086000(f)5000(g)Requirements1 Supply the missing amounts in the preceding table.2 Prepare the income statement for Red, which uses the periodic inventory system. Includea complete heading and show the full calculation of cost of sales. Red's overheadexpenses for the year were $11000.

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Description: E6A-3 Calculating periodic inventory amounts [10–15 min]Consider the data of the following firms for the year ended 31 December 2015:Beginninginventory purchasesEndinginventoryNetCost ofGrossFirmNet salessalesprofit$101000(b)$17 000(c)Red$22 000$65

Cost of goods sold = Opening inventory + purchases - ending inventory Gross profit = Sales - cost of…

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E6A-3 Calculating periodicc inventory amounts [10–15 min] Consider the data of the following firms for the year ended 31 December 2015: 童量業 Beginning inventory purchases inventory Net Ending Cost of Gross Firm Net sales sales profit Red $22 000 $101000 (b) $65 000 $17000 (c) (a) $31 000 Yellow 25 000 95000 96 000 40 000 Orange Green (d) 12 000 93000 52 000 22000 62 000 (e) 86000 (f) 5000 (g) 49 000 Requirements 1 Supply the missing amounts in the preceding table. 2 Prepare the income statement for Red, which uses the periodic inventory system. Include a complete heading and show the full calculation of cost of sales. Red's overhead expenses for the year were $11000.

E6A-3 Calculating periodicc inventory amounts [10–15 min] Consider the data of the following firms for the year ended 31 December 2015: 童量業 Beginning inventory purchases inventory Net Ending Cost of Gross Firm Net sales sales profit Red $22 000 $101000 (b) $65 000 $17000 (c) (a) $31 000 Yellow 25 000 95000 96 000 40 000 Orange Green (d) 12 000 93000 52 000 22000 62 000 (e) 86000 (f) 5000 (g) 49 000 Requirements 1 Supply the missing amounts in the preceding table. 2 Prepare the income statement for Red, which uses the periodic inventory system. Include a complete heading and show the full calculation of cost of sales. Red's overhead expenses for the year were $11000.

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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