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E7-3 (Algo) Inferring Missing Amounts Based on Income Statement Relationships LO7-1 Enter the missing dollar amounts for the income statement for each of the following independent cases: Cases A B с D E Sales Revenue $ Beginning Inventory 1,800 $ 1,540 990 1,360 Purchases 250 $ 1,600 120 1,280 170 740 1,020 Total Available 1,270 Ending Inventory $ 520 240 290 Cost of Goods Sold 690 Gross Profit 310 650 Expenses $ 300 280 180 120 Pretax Income (Loss) 160 270 (20)

E7-3 (Algo) Inferring Missing Amounts Based on Income Statement Relationships LO7-1 Enter the missing dollar amounts for the income statement for each of the following independent cases: Cases A B с D E Sales Revenue $ Beginning Inventory 1,800 $ 1,540 990 1,360 Purchases 250 $ 1,600 120 1,280 170 740 1,020 Total Available 1,270 Ending Inventory $ 520 240 290 Cost of Goods Sold 690 Gross Profit 310 650 Expenses $ 300 280 180 120 Pretax Income (Loss) 160 270 (20)

FINANCIAL ACCOUNTING
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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E7-3 (Algo) Inferring Missing Amounts Based on Income Statement Relationships LO7-1 Enter the missing dollar amounts for the income statement for each of the following independent cases: Cases A B C D E Sales Revenue Beginning Inventory $ 1,800 $ 1,540 990 1,360 Purchases 250 $ 1,600 120 1,280 170 740 1,020 Total Available 1,270 Ending Inventory $ 520 240 290 Cost of Goods Sold 690 Gross Profit 310 650 Expenses $ 300 280 180 120 Pretax Income (Loss) 160 270 (20)
Transcribed Image Text:E7-3 (Algo) Inferring Missing Amounts Based on Income Statement Relationships LO7-1 Enter the missing dollar amounts for the income statement for each of the following independent cases: Cases A B C D E Sales Revenue Beginning Inventory $ 1,800 $ 1,540 990 1,360 Purchases 250 $ 1,600 120 1,280 170 740 1,020 Total Available 1,270 Ending Inventory $ 520 240 290 Cost of Goods Sold 690 Gross Profit 310 650 Expenses $ 300 280 180 120 Pretax Income (Loss) 160 270 (20)
E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year Ending inventory Cost of goods sold FIFO Units 1,950 LIFO 5, 130 2,810 4,040 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. (Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount.) Unit Cost $ 7 9 10 Average Cost
Transcribed Image Text:E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year Ending inventory Cost of goods sold FIFO Units 1,950 LIFO 5, 130 2,810 4,040 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. (Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount.) Unit Cost $ 7 9 10 Average Cost
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