The image contains a table used for determining merchandise amounts in a periodic inventory system. It provides income statement data for three years: 2019, 2020, and 2021. Some values are missing and marked with question marks. Below is the transcribed data:**Table: Determining Merchandise Amounts (Periodic)**| | 2019 | 2020 | 2021 ||--------------------|----------|----------|----------|| Sales revenue | $290,000 | ? | $410,000 || Sales returns and allowances | 11,000 | 13,000 | ? || Net sales | ? | 347,000 | ? || Beginning inventory| 20,000 | 32,000 | ? || Ending inventory | ? | ? | ? || Purchases | ? | 260,000 | 298,000 || Purchase returns and allowances | 5,000 | 8,000 | 10,000 || Freight-in | 8,000 | 9,000 | 12,000 || Cost of goods sold | 233,000 | ? | 293,000 || Gross profit on sales | 46,000 | 91,000 | 97,000 |**Explanation:**This table is designed to help determine various merchandise-related values by filling in the missing amounts. Key components such as sales revenue, sales returns, net sales, inventory values, and cost of goods sold are used to calculate other financial figures like gross profit. Understanding and completing this table assists in learning how to structure and evaluate periodic financial statements.

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Description: The image contains a table used for determining merchandise amounts in a periodic inventory system. It provides income statement data for three years: 2019, 2020, and 2021. Some values are missing and marked with question marks. Below is the transcr

Periodic inventory system: It involves the physical count of inventory at specific interval of time.

Business

Accounting

O (Determining Merchandise Amounts-Periodic) Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2019 $290,000 2020 2021 Sales revenue $410,000 11,000 ? Sales returns and allowances 13,000 Net sales 347,000 Beginning inventory Ending inventory Purchases 20,000 32,000 260,000 298.000 Purchase returns and allowances 5.000 8,000 10,000 Freight-in Cost of goods sold Gross profit on sales 8,000 9,000 12,000 233.000 46,000 293.000 97,000 91,000

O (Determining Merchandise Amounts-Periodic) Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2019 $290,000 2020 2021 Sales revenue $410,000 11,000 ? Sales returns and allowances 13,000 Net sales 347,000 Beginning inventory Ending inventory Purchases 20,000 32,000 260,000 298.000 Purchase returns and allowances 5.000 8,000 10,000 Freight-in Cost of goods sold Gross profit on sales 8,000 9,000 12,000 233.000 46,000 293.000 97,000 91,000

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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12/Ibri company has an Inventory of RO 68,000 and RO 134,000 of Cost of goods sold in its unadjusted trial balance during the year 2018. The physical inventory count came to RO 61,000. What is the adjusting journal entry to be used to record the above? a. Merchandise inventory RO 7,000 Dr/ Cost of goods sold RO 7,000 Cr b. Cost of goods sold RO 7,000 Dr / Merchandise inventory RO 7,000 Cr c. Cost of goods sold RO 68,000 Dr / Merchandise inventory RO 68,000 Cr d. Merchandise inventory RO 61,000 Dr/ Cost of goods sold RO 61,000 Cr
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The inventory of Wildhorse Company on December 31, 2025, consists of the following items. Part 110 111 112 113 120 121 a 122 Quantity 660 1,040 540 210 410 1,700 280 Show Transcribed Text Cost per Unit Net Realizable Value Show Transcribed Text Sales revenue Markdowns $128.00 Sales returns Inventory as of December 31, 2025 81.00 108.00 Markups Markup cancellations 229.50 277.00 Freight on purchases 22.00 324.00 aPart No. 121 is obsolete and has a realizable value of $1.00 each as scrap. (a) Determine the inventory as of December 31, 2025, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2025 $ Markdown cancellations $ (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. The records of Oriole's Boutique report the following data for the month of April. $100,800 1,800 10,300 $135.00 1,500 8,700 70.00 2,700 103.00 243.00 2,100 281.00 1.00 317.00 Purchases (at cost) Purchases (at sales price) Purchase…
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Do not Give solution in images format The records of Earthly Goods provided the following information for the year ended December 31, 2023. At Cost At Retail January 1 beginning inventory $ 451,350 $ 907,150 Purchases 2,967,585 6,378,700 Purchase returns 48,800 115,350 Sales 5,455,700 Sales returns 42,600 Required: 1. Prepare an estimate of the company’s year-end inventory by the retail method. (Round all calculations to two decimal places.) 2. Under the assumption the company took a year-end physical inventory at marked selling prices that totalled $1,671,800, prepare a schedule showing the store’s loss from theft or other causes at cost and at retail.
Total merchandise inventory as of January 1, 2019 amounted to PBlank 1.
I can’t figure out why it’s wrong? What am I doing wrong ?
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