Required: Solve for the missing items in the partiál statements given below: E9-8 2015 2016 2012 2013 2014 Sales 100,000 120,000 150,000 160,000 Gross Profit 44,000 39,000 18,000 85,000 75,000 Beginning Inventory 80,000 70,000 Net Purchases 90,000 80,000 120,000 165,000 Cost of goods sold 70,000 135,000 Sales ret & allow 6,000 18,000 Ending inventory 65,000 85,000 100,000 Net sales 117,000 144,000 150,000

Required: Solve for the missing items in the partiál statements given below: E9-8 2015 2016 2012 2013 2014 Sales 100,000 120,000 150,000 160,000 Gross Profit 44,000 39,000 18,000 85,000 75,000 Beginning Inventory 80,000 70,000 Net Purchases 90,000 80,000 120,000 165,000 Cost of goods sold 70,000 135,000 Sales ret & allow 6,000 18,000 Ending inventory 65,000 85,000 100,000 Net sales 117,000 144,000 150,000

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Description: Solve for the missing items in the partial income statement:NOTE: The ending inventory of the previous year becomes the beginning inventory of the following year. Required: Solve for the missing items in the partial incomestatements given below:E9-82

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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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Solve for the missing items in the partial income statement:

NOTE: The ending inventory of the previous year becomes the beginning inventory of the following year.

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