Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. Sales revenue Sales returns and allowances Net sales Beginning inventory Ending inventory Purchases Purchase returns and allowances Freight-in Cost of goods sold Gross profit on sales 2024 $289,490 11,810 21,890 5,030 8,240 232,300 45,380 2025 11,950 347,134 32,240 260,730 7,830 9,240 91,360 2026 $408,710 296,971 9,930 10,910 292,643 101,420

Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. Sales revenue Sales returns and allowances Net sales Beginning inventory Ending inventory Purchases Purchase returns and allowances Freight-in Cost of goods sold Gross profit on sales 2024 $289,490 11,810 21,890 5,030 8,240 232,300 45,380 2025 11,950 347,134 32,240 260,730 7,830 9,240 91,360 2026 $408,710 296,971 9,930 10,910 292,643 101,420

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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Fill in the blanks in the following separate income statements a through e. Sales Cost of goods sold Merchandise inventory, beginning Total cost of merchandise purchases Merchandise inventory, ending Cost of goods sold Gross profit Expenses Net income (loss) SA a 65,000 $ 45,900 $ 8,500 37,000 33,670 17,000 b $ 16,440 2,400 18,000 10,250 17,650 $ 53,000 5,200 8,200 13,650 12,600 1,050 $ d 7,400 43,000 5,700 42,900 5,500 37,400 e 25,600 4,590 5,600 6,100 8,000 Check my
Below is a series of cost of goods sold sections for companies W, X, Y, and Z. W W X Y Z Beginning inventory $150 $120 $700 $ (j) BLANK Purchases 1,600 1,080 (g) BLANK 43,590 Purchase returns and allowances 90 (d) BLANK 290 (k) BLANK Net purchases (a) BLANK 1,020 7,710 42,290 Freight-in 140 (e) BLANK (h) BLANK 2,240 Cost of goods purchased (b) BLANK 1,230 8,050 (l) BLANK Cost of goods available for sale 1,800 1,350 (i) BLANK 49,530 Ending inventory 310 (f) BLANK 1,150 6,230 Cost of goods sold (c) BLANK 1,230 7,600 43,300 InstructionsFill in the lettered blanks to complete the cost of goods sold sections.
Brief Exercise 6-17 (Algo) Calculate inventory ratios (LO6-7) Use the following information: Net sales $215,000 Cost of goods sold 152,000 Beginning inventory 48,000 Ending inventory 38,000 a. Calculate the inventory turnover ratio.b. Calculate the average days in inventory.c. Calculate the gross profit ratio.
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Sales Revenue Cost of Goods Sold Beginning Inventory Purchases Goods Available for Sale Ending Inventory (FIFO cost) Cost of Goods Sold Gross Profit Operating Expenses Income from Operations Income Tax Expense (30%) Net Income $ 22,500 121,000 $215,000 143,500 25,525 117,975 97,025 46,000 51,025 15,308 $ 35,718 Assume that you have been asked to restate the financial statements to incorporate the LC&NRV. You have developed the following data relating to the ending inventory: 1,650 Current Replacement Cost per Unit (Net Realizable Value) $4.25 Purchase Cost Item Quantity Per Unit Total $2.00 $ 3,300 900 3,640 4.50 4,050 2.50 2.50 9,100 2.00 1,650 5.50 9,075 4.50 $25,525 ABCD
Supply the missing dollar amounts for each of the following independent cases: Cases A B C D E Sales Revenue Beginning Inventory $ 1,100 $ 1,300 1,280 1,400 Purchases 500 $ 1,200 600 1,200 500 450 1,000 1,300 Cost of Goods Available for Sale Cost of Goods Sold $ 780 600 1,050 Cost of Ending Inventory 580 700 650 Gross Profit 800 980
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b
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