Requirements 1. Supply the missing amounts in the preceding table. 2. Prepare the income statement for the year ended December 31, 2019, for Large Company, which uses the periodic inventory system. Include a complete heading, and show the full computation of cost of goods sold. Large's operating expenses for the year were $12,000.
Requirements 1. Supply the missing amounts in the preceding table. 2. Prepare the income statement for the year ended December 31, 2019, for Large Company, which uses the periodic inventory system. Include a complete heading, and show the full computation of cost of goods sold. Large's operating expenses for the year were $12,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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E6A-27 Computing periodic inventory amounts
Learning Objective 7 Appendix 6A
:::
e6a-27
Consider the data of the following companies which use the periodic inventory
system:
Company Net
Large
Small
Medium
Petite
Sales
Revenue
$
105,000
Requirements.
(b)
96,000
80,000
Beginning Net Cost
Merchandise of
Inventory
$ 23,000 $ 59,000
27,000
(d)
Purchases
8,000
94,000
58,000
366/ 1480
QAA
(f)
Ending
Merchandise of
Inventory
Cost
Goods
Sold
5G l 69%
$ 22,000 $ (a)
Gross
Profit
$
45,000
(c) 99,000 40,000
24,000 68,000 (e)
6,500 (g) 44,000
IG b III O <
×"
Transcribed Image Text:7:30 S&WYDO
< 1/2 >
□
E6A-27 Computing periodic inventory amounts
Learning Objective 7 Appendix 6A
:::
e6a-27
Consider the data of the following companies which use the periodic inventory
system:
Company Net
Large
Small
Medium
Petite
Sales
Revenue
$
105,000
Requirements.
(b)
96,000
80,000
Beginning Net Cost
Merchandise of
Inventory
$ 23,000 $ 59,000
27,000
(d)
Purchases
8,000
94,000
58,000
366/ 1480
QAA
(f)
Ending
Merchandise of
Inventory
Cost
Goods
Sold
5G l 69%
$ 22,000 $ (a)
Gross
Profit
$
45,000
(c) 99,000 40,000
24,000 68,000 (e)
6,500 (g) 44,000
IG b III O <
×

Transcribed Image Text:7:30 S&WYDO
< 1/2 >
□
Large
Small
:::
Medium
Petite
еба-27
Sales
Revenue Inventory
$
105,000
(b)
96,000
Merchandise of
80,000
$ 23,000
27,000
со
(d)
8,000
Purchases Inventory
$ 59,000
94,000
58,000
(f)
QAA
Merchandise of
366/ 1480
Goods
Sold
$ 22,000 $ (a)
5G l 69%
Ę
24,000 68,000
Profit
45,000
(c) 99,000 40,000
Requirements
1. Supply the missing amounts in the preceding table.
2. Prepare the income statement for the year ended December 31, 2019, for
Large Company, which uses the periodic inventory system. Include a
complete heading, and show the full computation of cost of goods sold.
Large's operating expenses for the year were $12,000.
Problems Group A
For all problems, assume the perpetual inventory system is used unless stated
otherwise.
6,500 (g) 44,000
IG b III O <
×
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