7:30 S&WYDO< 1/2 >□E6A-27 Computing periodic inventory amountsLearning Objective 7 Appendix 6A:::e6a-27Consider the data of the following companies which use the periodic inventorysystem:Company NetLargeSmallMediumPetiteSalesRevenue$105,000Requirements.(b)96,00080,000Beginning Net CostMerchandise ofInventory$ 23,000 $ 59,00027,000(d)Purchases8,00094,00058,000366/ 1480QAA(f)EndingMerchandise ofInventoryCostGoodsSold5G l 69%$ 22,000 $ (a)GrossProfit$45,000(c) 99,000 40,00024,000 68,000 (e)6,500 (g) 44,000IG b III O <× 7:30 S&WYDO< 1/2 >□LargeSmall:::MediumPetiteеба-27SalesRevenue Inventory$105,000(b)96,000Merchandise of80,000$ 23,00027,000со(d)8,000Purchases Inventory$ 59,00094,00058,000(f)QAAMerchandise of366/ 1480GoodsSold$ 22,000 $ (a)5G l 69%Ę24,000 68,000Profit45,000(c) 99,000 40,000Requirements1. Supply the missing amounts in the preceding table.2. Prepare the income statement for the year ended December 31, 2019, forLarge Company, which uses the periodic inventory system. Include acomplete heading, and show the full computation of cost of goods sold.Large's operating expenses for the year were $12,000.Problems Group AFor all problems, assume the perpetual inventory system is used unless statedotherwise.6,500 (g) 44,000IG b III O <×

Operating expenses are the expenses that any entity or business incurs in its normal course of…

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.

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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