Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing.Sales revenueSales returns and allowancesNet salesBeginning inventoryEnding inventory2024$288,820$11,060202513,430348,99819,21033,6502026$410,020Purchases261,470298,835Purchase returns and allowances5,0407,80010,240Freight-in8,1108,41012,600Cost of goods sold235,200293,080Gross profit on sales42,56095,57096,640eTextbook and Media

Cost of goods sold is the amount of money incurred by the entity on the making of the goods that are…

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 2024 2025 $288,820 $ 11,060 13,430 348,998 19,210 33,650 2026 $410,020 Purchases 261,470 298,835 Purchase returns and allowances 5,040 7,800 10,240 Freight-in 8,110 8,410 12,600 Cost of goods sold 235,200 293,080 Gross profit on sales 42,560 95,570 96,640

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 2024 2025 $288,820 $ 11,060 13,430 348,998 19,210 33,650 2026 $410,020 Purchases 261,470 298,835 Purchase returns and allowances 5,040 7,800 10,240 Freight-in 8,110 8,410 12,600 Cost of goods sold 235,200 293,080 Gross profit on sales 42,560 95,570 96,640

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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For the current period, the following data were taken from the ledger: Purchases Purchases Returns and Allowances Purchases Discounts Freight-in Select one: a. $9,600 b. $39,300 40,000 c. $47,300 d. $34,600 e. None of the above 600 Beginning inventory was $8,000 and ending inventory was $13,000. What was cost of goods sold? 300 200
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 $290,000 $410,000 Sales returns and allowances (11,000) (13,000) Net sales 347,000 Beginning inventory 20,000 32,000 Ending inventory Purchases 260,000 298,000 Purchase returns and allowances (5.000) (8,000) (10.000) Freight-in 8,000 9,000 12.000 Cost of goods sold (233,000) (293,000) Gross profit on sales 46,000 91,000 97,000
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