This exercise stresses the relationships between the information recorded in a periodic inventory system and the basic elements of an income statement. Each of the five lines represents a separate set of information. You are to fill in the missing amounts. A net loss in the right-hand column is to be indicated by placing brackets around the amount, for example as in line e <15,000>. Net Sales a. 240,000 b. 480,000 c. 630,000 d. 810,000 e. ? Beginning Net Pur- Inventory chases 76,000 104,000 ztw Soa 72,000 272,000 1000 207,000 ? 450,000 ? ? 156,000 Ho Ending Inventory 35,200 Foreni ? Cost of Goods Sold Gross Profit 95,200 ? onlow hundvis ? ONCE A 264,000 441,000 189,000 Expenses 72,000 10? 148,500 234,000 270,000 ? 166,500 135,000 153,000 396,000 135,000 Net Income or (Loss) 23X 20,000 ? <15,000> market chains-Publix Super Markets, Inc., and Safeway, Inc.- Each uses a sophisticated
This exercise stresses the relationships between the information recorded in a periodic inventory system and the basic elements of an income statement. Each of the five lines represents a separate set of information. You are to fill in the missing amounts. A net loss in the right-hand column is to be indicated by placing brackets around the amount, for example as in line e <15,000>. Net Sales a. 240,000 b. 480,000 c. 630,000 d. 810,000 e. ? Beginning Net Pur- Inventory chases 76,000 104,000 ztw Soa 72,000 272,000 1000 207,000 ? 450,000 ? ? 156,000 Ho Ending Inventory 35,200 Foreni ? Cost of Goods Sold Gross Profit 95,200 ? onlow hundvis ? ONCE A 264,000 441,000 189,000 Expenses 72,000 10? 148,500 234,000 270,000 ? 166,500 135,000 153,000 396,000 135,000 Net Income or (Loss) 23X 20,000 ? <15,000> market chains-Publix Super Markets, Inc., and Safeway, Inc.- Each uses a sophisticated
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Exercises
L06-4 2924 5019 v2 gain This exercise stresses the relationships between the information recorded in a periodic inventory
1
EXERCISE 6.8
Relationships within Periodic
Inventory Systems
system and the basic elements of an income statement. Each of the five lines represents a separate
set of information. You are to fill in the missing amounts. A net loss in the right-hand column is to
be indicated by placing brackets around the amount, for example as in line e <15,000>.
10
val2
Net Sales
SAT u Isroish engewolley 10
as lodes
bra naje od prols burdaud 15d bas
dem oft moleivolal no obrint wo
Ideas no sonsled osnoval
00442 5w 25an
L06-5, L06-8
EXERCISE 6.9
Selecting an Inventory
System
instave promovni ofborne. H?
niend nogal
AbeBSTRUO. nisiqu
Ending
Inventory
Phimb znotranca.
Beginning Net Pur-
Inventory chases
UON
DOS
2.210 95,200
264,000 to ?
?
35.200
104,000
76,000
a. 240,000
ai loreng salamat
ainwalidw v10105
i taida!
od 520)
?
wif
72,000 272,000
b. 480,000
01040 Coloravitat
441,000 189,000
c. 630,000 207,000 nube?.0 166,500
234,000
?
135,000 lum
450,000
?
d. 810,000
396,000 135,000 ure ?
156,000
?and 153,000
h
Cost of
Goods
Sold
Gross
Profit
279
Net
Income
or (Loss)
Expenses
72,000
viol?eval bib 20,000
gre store
res of Cry
?
148,500
under
270,000
?
?
<15,000>
01 (1
Year after year two huge supermarket chains-Publix Super Markets, Inc., and Safeway, Inc.-
consistently report gross profit rates between 26 percent and 29 percent. Each uses a sophisticated
To perpetual inventory system to account for bill of dollars in inventory transactions.
Discuss rea
23X9
norporation](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F51ef889a-0b0e-4561-8503-ff9c0de4c310%2F0c30445a-711a-4bf8-9c93-237bf8bd6d87%2F62qqndf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Exercises
L06-4 2924 5019 v2 gain This exercise stresses the relationships between the information recorded in a periodic inventory
1
EXERCISE 6.8
Relationships within Periodic
Inventory Systems
system and the basic elements of an income statement. Each of the five lines represents a separate
set of information. You are to fill in the missing amounts. A net loss in the right-hand column is to
be indicated by placing brackets around the amount, for example as in line e <15,000>.
10
val2
Net Sales
SAT u Isroish engewolley 10
as lodes
bra naje od prols burdaud 15d bas
dem oft moleivolal no obrint wo
Ideas no sonsled osnoval
00442 5w 25an
L06-5, L06-8
EXERCISE 6.9
Selecting an Inventory
System
instave promovni ofborne. H?
niend nogal
AbeBSTRUO. nisiqu
Ending
Inventory
Phimb znotranca.
Beginning Net Pur-
Inventory chases
UON
DOS
2.210 95,200
264,000 to ?
?
35.200
104,000
76,000
a. 240,000
ai loreng salamat
ainwalidw v10105
i taida!
od 520)
?
wif
72,000 272,000
b. 480,000
01040 Coloravitat
441,000 189,000
c. 630,000 207,000 nube?.0 166,500
234,000
?
135,000 lum
450,000
?
d. 810,000
396,000 135,000 ure ?
156,000
?and 153,000
h
Cost of
Goods
Sold
Gross
Profit
279
Net
Income
or (Loss)
Expenses
72,000
viol?eval bib 20,000
gre store
res of Cry
?
148,500
under
270,000
?
?
<15,000>
01 (1
Year after year two huge supermarket chains-Publix Super Markets, Inc., and Safeway, Inc.-
consistently report gross profit rates between 26 percent and 29 percent. Each uses a sophisticated
To perpetual inventory system to account for bill of dollars in inventory transactions.
Discuss rea
23X9
norporation
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education