Ending inventory Gross profit Cost of goods sold Expenses Net income 50,000 (a) 101,000 60,000 (c) 70,000 83,000 (e) 62,000 21,000 Required Fill in the blanks lettered a through f. (Hint: It probably is easiest to work through the blanks according to the sequential letters.) (a) Gross profit (b) Beginning inventory (c) Net income (d) Beginning inventory of 2020 $ (e) Cost of goods sold $
Ending inventory Gross profit Cost of goods sold Expenses Net income 50,000 (a) 101,000 60,000 (c) 70,000 83,000 (e) 62,000 21,000 Required Fill in the blanks lettered a through f. (Hint: It probably is easiest to work through the blanks according to the sequential letters.) (a) Gross profit (b) Beginning inventory (c) Net income (d) Beginning inventory of 2020 $ (e) Cost of goods sold $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Taylor Company uses a periodic inventory system. The following is partial information from its income statements for 2019 and 2020:
Beginning inventory
Sales
Purchases
Purchase returns
Ending inventory
Gross profit
Cost of goods sold
Expenses
Net income
2019
$ (b)
250,000
115,000
2,000
50,000
(a)
101,000
60,000
(c)
2020
$ (d)
(f)
140,000
3,000
70,000
83,000
(e)
62,000
21,000
Required
Fill in the blanks lettered a through f. (Hint: It probably is easiest to work through the blanks according to the sequential letters.)
(a) Gross profit
(b) Beginning inventory
(c) Net income
(d) Beginning inventory of 2020 $
(e) Cost of goods sold
(f) Sales](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa1e1d114-cba9-4c4f-a9ab-1a346fb28105%2Feb2c7a5d-30ba-4e61-a6ec-884ebd589c39%2Fe2kalo_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Taylor Company uses a periodic inventory system. The following is partial information from its income statements for 2019 and 2020:
Beginning inventory
Sales
Purchases
Purchase returns
Ending inventory
Gross profit
Cost of goods sold
Expenses
Net income
2019
$ (b)
250,000
115,000
2,000
50,000
(a)
101,000
60,000
(c)
2020
$ (d)
(f)
140,000
3,000
70,000
83,000
(e)
62,000
21,000
Required
Fill in the blanks lettered a through f. (Hint: It probably is easiest to work through the blanks according to the sequential letters.)
(a) Gross profit
(b) Beginning inventory
(c) Net income
(d) Beginning inventory of 2020 $
(e) Cost of goods sold
(f) Sales
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