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 $290,800 $ $410,870Sales returns and allowances (9,930) (14,280) Net sales 349,576 Beginning inventory 20,720 29,710 Ending inventory Purchases 257,850 296,191Purchase returns and allowances (5,220) (8,750) (10,050)Freight-in 7,680 8,820 12,740Cost of goods sold (232,550) (294,284)Gross profit on sales 48,320 96,770 99,800

The gross profit is calculated as difference between sales and cost of goods sold.

Answered: Two or more items are omitted in each…

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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	2019	2020	2021
Sales revenue	$290,800	$	$410,870
Sales returns and allowances	(9,930)	(14,280)
Net sales		349,576
Beginning inventory	20,720	29,710
Ending inventory
Purchases		257,850	296,191
Purchase returns and allowances	(5,220)	(8,750)	(10,050)
Freight-in	7,680	8,820	12,740
Cost of goods sold	(232,550)		(294,284)
Gross profit on sales	48,320	96,770	99,800