Chapter 9 - Merchandising Business:End of Period Adjustments and Completion of the Accounting CycleE9-8SalesGross ProfitBeginningInventoryNet PurchasesCost of goods soldSales ret & allowEnding inventoryNet salesE9-91Required: Solve for the missing items in the partial income statementsgiven below:3Sales2 126,0003562009100,0005,0006,00080,000 70,00080,00090,00070,0006,000Sales Netreturns2010120,00065,000117,000264,8002011150,00044,000Required: Determine the missing amounts.120,00085,000144,0002012160,00039,00085,000100,000BegNet EndingSales Inventory Purchases Inventory80,00024,000 130,000150,00048,000 145,000 46,50038,0002013167,000 62,800 186,20018,00075,000165,000135,000GrossCost ofGoods ProfitSold(Loss)18,000||

Name: Chapter 9 - Merchandising Business:End of Period Adjustments and Comp
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Description: Chapter 9 - Merchandising Business:End of Period Adjustments and Completion of the Accounting CycleE9-8SalesGross ProfitBeginningInventoryNet PurchasesCost of goods soldSales ret & allowEnding inventoryNet salesE9-91Required: Solve for the missing i

The missing figures which are required to be computed have to be ascertained as per the accounting…

Business

Accounting

E9-8 Sales Gross Profit Beginning Inventory Net Purchases Cost of goods sold Sales ret & allow Ending inventory Net sales Required: Solve for the missing items in the partial income statements given below: E9-9 I Sales 2 126,000 Sales returns 5,000 2009 100,000 6,000 80,000 90,000 70,000 6,000 2010 120,000 70,000 264,800 80,000 65,000 Required: Determine the missing amounts. 2011 150,000 44,000 120,000 85,000 117,000 144,000 2012 160,000 39,000 85,000 100,000 150,000 Net Beg Net Ending Sales Inventory Purchases Inventory Sold 80,000 24,000 130,000 48,000 145,000 46,500 38,000 2013 Cost of Gross Goods Profit (Loss) 167,000 62,800 186,200 18,000 75,000 165,000 135,000 18,000

E9-8 Sales Gross Profit Beginning Inventory Net Purchases Cost of goods sold Sales ret & allow Ending inventory Net sales Required: Solve for the missing items in the partial income statements given below: E9-9 I Sales 2 126,000 Sales returns 5,000 2009 100,000 6,000 80,000 90,000 70,000 6,000 2010 120,000 70,000 264,800 80,000 65,000 Required: Determine the missing amounts. 2011 150,000 44,000 120,000 85,000 117,000 144,000 2012 160,000 39,000 85,000 100,000 150,000 Net Beg Net Ending Sales Inventory Purchases Inventory Sold 80,000 24,000 130,000 48,000 145,000 46,500 38,000 2013 Cost of Gross Goods Profit (Loss) 167,000 62,800 186,200 18,000 75,000 165,000 135,000 18,000

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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E7-2 (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. (Hint: In Case B, work from the bottom up.) Net sales revenue Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold Gross profit Expenses Pretax income (loss) $ Case A 11,080 4,990 16,070 10,230 $ 7,560 $ 5,840 1,720 200 1,520 $ Case B 6,530 8,630 15,160 10,980 $ 7,560 $ 4,180 1,400 840 (560) $ Case C $ 3,950 9,380 13,330 8,980 $ 6,160 4,350 3,790 560 1,250
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E9-9 Required: Determine the missing amounts. Cost of Gross Sales Net Ending Goods Profit Beg returns Sales Inventory Purchases Inventory Net Sales Sold (Loss) 1 5,000 80,000 24,000 130,000 38,000 2 126,000 6,000 48,000 145,000 46,500 3 7,200 264,800 167,000 62,800 186,200 4 345,000 8,600 114,000 141,000 179,000 5 468,000 458,800 155,000 270,000 228,000
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! Required information E7-11 (Static) Evaluating the Choice among Three Alternative Inventory Methods Based on Income and Cash Flow Effects LO7-2, 7-3 [The following information applies to the questions displayed below.] Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,000 units at $38; purchases, 8,000 units at $40; expenses (excluding income taxes), $184,500; ending inventory per physical count at December 31, current year, 1,800 units; sales, 8,200 units; sales price per unit, $75; and average income tax rate, 30 percent. E7-11 Part 3 3. Between FIFO and LIFO, which method is preferable in terms of (a) net income and (b) income taxes paid (cash flow), assuming that prices were falling? Net income Income taxes paid (cash flow)
Given the following: Numberpurchased Costper unit Total January 1 inventory 32 $ 4 $ 128 April 1 52 6 312 June 1 42 7 294 November 1 47 8 376 173 $ 1,110 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 53 units). b. Calculate the cost of goods sold using the FIFO (ending inventory shows 53 units).
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