Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2019 2020 2021 Sales revenue $290,220 $ $406,640 Sales returns and allowances (10,120) (13,630) Net sales 347,802 Beginning inventory 21,500 30,300 Ending inventory Purchases 258,310 297,477 Purchase returns and allowances (5,090) (7,370) (10,330) Freight-in 8,390 8,240 11,340 Cost of goods sold (230,540) (295,670) Gross profit on sales 49,560 93,400 89,130

Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2019 2020 2021 Sales revenue $290,220 $ $406,640 Sales returns and allowances (10,120) (13,630) Net sales 347,802 Beginning inventory 21,500 30,300 Ending inventory Purchases 258,310 297,477 Purchase returns and allowances (5,090) (7,370) (10,330) Freight-in 8,390 8,240 11,340 Cost of goods sold (230,540) (295,670) Gross profit on sales 49,560 93,400 89,130

Name: Two or more items are omitted in each of the following tabulations of
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Description: Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2019 2020 2021Sales revenue $290,220 $ $406,640Sales returns and allowances (10,120) (13,630) Net sales 347,802 B

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 2MC: The following items were included in Venicio Corporations inventory account on December 31, 2019:...

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	2019	2020	2021
Sales revenue	$290,220	$	$406,640
Sales returns and allowances	(10,120)	(13,630)
Net sales		347,802
Beginning inventory	21,500	30,300
Ending inventory
Purchases		258,310	297,477
Purchase returns and allowances	(5,090)	(7,370)	(10,330)
Freight-in	8,390	8,240	11,340
Cost of goods sold	(230,540)		(295,670)
Gross profit on sales	49,560	93,400	89,130