Fill in the blanks in the following separate income statements a through e. Sales Cost of goods sold Merchandise inventory, beginning Total cost of merchandise purchases Merchandise inventory, ending Cost of goods sold Gross profit Expenses Net income (loss) a с $62,000 $43,500 $55,000 8,000 38,000 17,050 7,500 3,000 34,050 16,000 10,000 9,000 e $25,600 8,000 4,560 32,000 6,600 6,600 12,750 45,600 10,650 12,150 3,600 $16,850 $600 $42,000 7,000 6,000

Fill in the blanks in the following separate income statements a through e. Sales Cost of goods sold Merchandise inventory, beginning Total cost of merchandise purchases Merchandise inventory, ending Cost of goods sold Gross profit Expenses Net income (loss) a с $62,000 $43,500 $55,000 8,000 38,000 17,050 7,500 3,000 34,050 16,000 10,000 9,000 e $25,600 8,000 4,560 32,000 6,600 6,600 12,750 45,600 10,650 12,150 3,600 $16,850 $600 $42,000 7,000 6,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

2
None
3
Question 8) Below is a series of cost of goods sold sections for companies A, P. M. and W. M $700 (g) 290 7,410 (h) 8,050 Beginning inventory Purchases Purchases returns and allowances. Net purchases Freight-in Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold $375 2,250 195 (a) 180 P $120 1,080 (d) 990 (e) 1,250 1,370 W $(j) 32,670 (k) 28,840 1,980 (1) 52,180 12,580 39,600 (b) 2,610 (1) 540 1,150 (c) 7,600 Instructions (no color required): Fill in the lettered blanks to complete the cost of goods sold sections. (1) 1,230
The following are the components in determining cost of goods sold, Determine the missing amounts. (a) Beginning Inventory Purchases $101,600 $ (b) (c) S $78,100 $54,700 $ Cost of Goods Available for Sale $120,000 $110,000 $151,000 $ Ending Inventory $33,800 $28,800
Answer ALL parts for Gross Profit With Working.Answer In Text.
determine missing amount
determine missing amount
Income Statement Sales Revenue Cost of Goods Sold* Gross Profit Operating Expenses Income from Operations Income Tax Expense Net Income *Cost of Goods Sold Equation Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Units 3,000 3,000 $ $ 3,000 $ FIFO Inventory Costing Method LIFO 3,000 3,000 3,000 3,000 0 0 0 0 0 0 0 Weighted Average $ $ 0 0 0 0 0
1
Supply the missing dollar amounts for each of the following independent cases:
6