Net Sales Gross Sales Less: Sales Returns & Allowances P 54,000 Sales Discounts 19,200 Net Sales Less: Cost of Sales Inventory, 1/1/21 225,000 Add: Net Purchases Purchases P 890,200 Less: Purchases Returns & Allow. P 31,000 Purchase Discounts 12,200 Add: Freight in 12,000 Net Purchases 859,000 P 1,084,000 Goods Available for Sales Less: Inventory, 12/31/21 Cost of Sales Gross Profit Less: Operating Expenses Distribution Expenses Administrative Expenses Total Expense 138,480 (258,780) Net Income P 125,220 Required: Insert the missing figures in the income statement above. Note that Net Income is 10% of Gross Sales.

Net Sales Gross Sales Less: Sales Returns & Allowances P 54,000 Sales Discounts 19,200 Net Sales Less: Cost of Sales Inventory, 1/1/21 225,000 Add: Net Purchases Purchases P 890,200 Less: Purchases Returns & Allow. P 31,000 Purchase Discounts 12,200 Add: Freight in 12,000 Net Purchases 859,000 P 1,084,000 Goods Available for Sales Less: Inventory, 12/31/21 Cost of Sales Gross Profit Less: Operating Expenses Distribution Expenses Administrative Expenses Total Expense 138,480 (258,780) Net Income P 125,220 Required: Insert the missing figures in the income statement above. Note that Net Income is 10% of Gross Sales.

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

Beg Inv @ cost $11,160 Net Additional markups $600 Sales $94,056 Purchases @ retail $92,400 Freight-in $840 Beg Inv @ retail $18,000 Purchases @ cost $54,600 Net markdowns $1,144 8. What is the cost ratio using the Conventional LCM Retail Inventory Method? (3 decimal places) Thank you Brenda
Sales 230,000 Sales Discounts 7,000 Sales Returns 15,000 Inventory, beg. 22,000 Inventory, end. 28,000 Purchases 120,000 Freight-in 6,000 Purchases discounts 3,000 Purchase returns 2,000 How much is the gross profit?
What is the cost of goods sold?
I need help with this question problem
Exercise 9-17 (Algo) Conventional and average cost retail methods; employee discounts [LO9-3, 9-4] LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to one of its largest departments for the month of March 2021: Cost Retail Beginning inventory Purchases $ 55,000 $ 75,000 222,000 22,680 7,000 415,000 Freight-in Purchase returns 9,500 Net markups 7,300 5,000 9,500 295,000 1,700 Net markdowns Normal breakage Net sales Employee discounts Sales are recorded net of employee discounts. Exercise 9-17 (Algo) Part 1 Required: 1. Compute estimated ending inventory and cost calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) goods sold for March applying the conventional retail method. (Round ratio Answer is not complete. Cost-to- Cost Retail Retail Ratio 24 55,000 75,000 Beginning inventory 222,000 415,000 Purchases 22 GRN…
J Gross Sales Sales Return & Allowances Sales Discounts Cost of Merchandise Sold 33,000 O $87,000 O $46,000 100,000 Given the above values, determine Net Sales. O $67,000 10,000 O $54,000 3,000 Need help? Review these concept resources.
un.9
Please answer complete and properly
Calculate the net price of merchandise listing for $5,900 less a trade discount rate of 45%. O $2,065 O $2,655 O $3,760 O $3,245
aj.4
acct9
Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. (a) Indicate the missing amount for each letter. Case 2 Direct materials used $9,700 %24 Direct labor 5,100 8,100 Manufacturing overhead 8,400 4,100 Total manufacturing costs (a) 16,100 Beginning workin process inventory 1,100 (h) Ending work in process inventory (b) 3,100 Sales revenue 25,000 (1) Sales discounts 2,600 1,500 Cost of goods manufactured 17,100 22,100 Beginning finished goods inventory (c) 3,400