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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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.
Shockley Co. reported the following amounts in its financial statements: (a) Cost of goods sold (b) Profit (c) Total current assets (d) Equity a. Cost of goods sold: Reported Adjustments: Dec. 31, 2020 error Dec. 31, 2021 error In making the physical counts of inventory, the following errors were made: • Inventory on December 31, 2020: understated $80,000 • Inventory on December 31, 2021: overstated $22,000 Corrected b. Profit: Required: For each of the preceding financial statement items-(a), (b), (c), and (d)-prepare a schedule similar to the following and show the adjustments that would have been necessary to correct the reported amounts. (Negative answers should be indicated by a min sign.) Reported Adiustments: Dec. 31. 2020 error $ $ $ $ 2020 Financial Statements for Year Ended December 31. 2022 820,000 281,000 2020 2021 765,000 $ 897,000 $ 270,000 325,000 1,255,000 1,365,000 1,387,000 1,530,000 270,000 $ 80.0001 2021 1,200,000 1,332,000 2022 765,000 $ 897,000 $ 820,000 (80,000)…
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Fill in the blanks in the following separate income statements a through e. (amounts to be deducted should be indicated by a minus sign) a b c d e Sales $63,000 $43,600 $41,000 ________ $24,500 Cost of goods sold Merchandise inventory (beginning) $7,500 $16,290 $5,200 $7,700 $4,400 Total cost of merchandise purchases $33,000 _______ _______ $33,000 $6,800 Merchandise Inventory (ending) _______ $-2,700 $-8,300 $-7,400 ______ Cost of goods sold $33,450 $17,000 _______ ______ $6,400 Gross profit…
inst what were purchase returns and allowances? inventory is P4,000. If there is no freight in and total purchases were P8,250, Cost of goods sold is P7,400. Beginning inventory is P3,500 and ending a. P850 b. P500 C. P350 d. none of the above Cost of goods sold is P8,000 greater than net purchases. Beginning inventory is P120,000. What is ending inventory? a. P112,000 b. P128,000 C. P120,000 d. none of the above 3. Purchases of inventory minus purchase discounts and minus purchase returns and allowances equals: a. gross purchases b. cost of goods available for sale C. net purchases d. cost of goods sold Beginning inventory plus net purchases and plus freight in equals: a. net purchases 4. cost of goods available for sale cost of goods sold d. gross purchases
Presented below is information related to Sheridan Company for the month of January 2022. Ending inventory per perpetual records Ending inventory actually on hand Cost of goods sold Freight-out (a) $29,890 29,390 222,830 6,920 Insurance expense Account Titles and Explanation Rent expense Salaries and wages expense Sales discounts Sales returns and allowances Sales revenue $11,340 24,070 56,750 Debit 12,880 15,870 Prepare the necessary adjusting entry for inventory. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter "O" for the amounts.) 413,440 Credit
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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