Taylor Company uses a periodic inventory system. The following is partial information from its income statements for 2019 and 2020: 2019 2020 Beginning inventory $ (b) $ (d) Sales 250,000 (f) Purchases 120,000 140,000 Purchase returns 2,000 3,000 Ending inventory 45,000 70,000 Gross profit (a) 88,000 Cost of goods sold 111,000 (e) Expenses 70,000 62,000 Net income (c) 26,000 Required Fill in the blanks lettered a through f. (Hint: It probably is easiest to work through the blanks according to the sequential letters.) (a) Gross profit (b) Beginning inventory (c) Net income (d) Beginning inventory of 2020 (e) Cost of goods sold (f) Sales
Taylor Company uses a periodic inventory system. The following is partial information from its income statements for 2019 and 2020: 2019 2020 Beginning inventory $ (b) $ (d) Sales 250,000 (f) Purchases 120,000 140,000 Purchase returns 2,000 3,000 Ending inventory 45,000 70,000 Gross profit (a) 88,000 Cost of goods sold 111,000 (e) Expenses 70,000 62,000 Net income (c) 26,000 Required Fill in the blanks lettered a through f. (Hint: It probably is easiest to work through the blanks according to the sequential letters.) (a) Gross profit (b) Beginning inventory (c) Net income (d) Beginning inventory of 2020 (e) Cost of goods sold (f) Sales
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Taylor Company uses a periodic inventory system. The following is partial information from its income statements for 2019 and 2020:
| 2019 | 2020 | |
| Beginning inventory | $ (b) | $ (d) |
| Sales | 250,000 | (f) |
| Purchases | 120,000 | 140,000 |
| Purchase returns | 2,000 | 3,000 |
| Ending inventory | 45,000 | 70,000 |
| Gross profit | (a) | 88,000 |
| Cost of goods sold | 111,000 | (e) |
| Expenses | 70,000 | 62,000 |
| Net income | (c) | 26,000 |
Required
Fill in the blanks lettered a through f. (Hint: It probably is easiest to work through the blanks according to the sequential letters.)
| (a) Gross profit | |
| (b) Beginning inventory | |
| (c) Net income | |
| (d) Beginning inventory of 2020 | |
| (e) Cost of goods sold | |
| (f) Sales |
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