Answer 1)
Income Statement
Particulars |
2019 |
2020 |
2021 |
Sales revenue |
$ 2,90,150 |
$ 3,57,168 |
$ 4,13,850 |
Sales Returns and Allowances |
-$ 10,340 |
-$ 13,000 |
-$ 15,820 |
Net Sales |
$ 2,79,810 |
$ 3,44,168 |
$ 3,98,030 |
Beginning Inventory |
$ 21,130 |
$ 31,800 |
$ 42,012 |
Ending Inventory |
-$ 31,800 |
-$ 42,012 |
-$ 48,122 |
Purchases |
$ 2,42,170 |
$ 2,60,890 |
$ 2,99,310 |
Purchase returns and allowances |
-$ 4,740 |
-$ 8,590 |
-$ 9,690 |
Freight-in |
$ 7,460 |
$ 8,500 |
$ 12,110 |
Cost of Goods Sold |
-$ 2,34,220 |
$ 2,50,588 |
-$ 2,95,620 |
Gross profit on sales |
$ 45,590 |
$ 93,580 |
$ 1,02,410 |
Notes:
Working Notes:
Calculation of missing figures for the year 2019
Calculation of Net Sales
Net Sales = Sales revenue – Sales returns and allowances
= $ 290,150 - $ 10,340
= $ 279,810
Therefore the value of net sales is $ 279,810.
Calculation of ending inventory
The ending inventory for a given year is the beginning inventory for the immediately succeeding year. Therefore, the value of ending inventory in the year 2019 will be equal to the value of beginning inventory in the year 2020.
Thus the value of ending inventory for the year 2019 is $ 31,800.
Calculation of value of purchases
Cost of Goods sold = Beginning inventory + purchases – purchase returns and allowances + Freight inward – Ending inventory
$ 234,220 = $ 21,130 + Purchases - $ 4,740 + $ 7,460 - $ 31,800
Purchases = $ 234,220 + $ 4,740 + $ 31,800 - $ 21,130 - $ 7,460
= $ 242,170
Thus the value of purchases is $ 242,170
Calculation of missing figures for the year 2020
Calculation of Sales Revenue
Net Sales = Sales revenue – Sales returns and allowances
$ 344,168 = Sales revenue – 13,000
Sales revenue = $ 344,168 + 13,000
= $ 357,168
Therefore the value of Sales revenue is $ 357,168
Calculation of Cost of goods sold
Gross Profit on sales = Net sales – Cost of Goods Sold
$ 93,580 = $ 344,168 – Cost of Goods Sold
Cost of Goods Sold = $ 344,168 - $ 93,580
= $ 250,588
Therefore the value of cost of goods sold is $ 250,588
Calculation of value of ending inventory
Cost of Goods sold = Beginning inventory + purchases – purchase returns and allowances + Freight inward – Ending inventory
$ 250,588 = $ 31,800 + $ 260,890 - $ 8,590 + $ 8,500 – Ending inventory
Ending inventory = $ 31,800 + $ 260,890 - $ 8,590 + $ 8,500 - $ 250,588
= $ 42,012
Therefore the value of ending inventory is $ 42,012
Calculation of missing figures for the year 2021
Calculation of beginning inventory
The beginning inventory for a given year is the ending inventory for the immediately preceding year. Therefore, the value of beginning inventory in the year 2021 will be equal to the value of ending inventory of the year 2020.
Thus the value of beginning inventory for the year 2021 is $ 42,012.
Calculation of value of ending inventory
Cost of Goods sold = Beginning inventory + purchases – purchase returns and allowances + Freight inward – Ending inventory
$ 295,620 = $ 42,012 + $ 299,310 - $ 9,690 + $ 12,110 – Ending inventory
Ending inventory = $ 42,012 + $ 299,310 - $ 9,690 + $ 12,110 – $ 295,620
= $ 48,122
Therefore the value of ending inventory is $ 48,122
Calculation of value of Net Sales
Gross Profit = Net Sales – Cost of goods sold
$ 102,410 = Net sales - $ 295,620
Net Sales = $ 295,620 + $ 102,410
= $ 398,030
Therefore the value of net sales is $ 398,030
Calculation of Sales returns and allowances
Net Sales = Sales revenue – Sales returns and allowances
$ 398,030 = $ 413,850 – Sales returns and allowances
Sales returns and allowances = $ 413,850 - $ 398,030
= $ 15,820
Therefore the value of Sales returns and allowances is $ 15,820
Exercise 8-06 Two or more items are omitted in each of the following tabulations of income...
Exercise 8-06 Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2020 2019 $287,390 (12,020) 2021 $407,960 Sales revenue Sales returns and allowances Net sales (12,550) 349,848 33,500 19,750 Beginning inventory Ending inventory Purchases 260,460 (7,200) 8,660 Purchase returns and allowances Freight-in Cost of goods sold Gross profit on sales (4,770) 8,350 (231,210) 44,160 297,376 (10,980) 13,080 (291,795) 102,340 94,480
Exercise 8-06 Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2020 2019 $288,820 (11,060) 2021 $410,020 Sales revenue Sales returns and allowances Net sales (13,430) 348,998 33,650 Beginning inventory 19,210 Ending inventory Purchases Purchase returns and allowances Freight-in Cost of goods sold Gross profit on sales 261,470 (7,800) 8,410 (5,040) 8,110 (235,200) 42,560 298,835 (10,240) 12,600 (293,080) 96,640 95,570
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 $291,720 $ $406,940 Sales returns and allowances (11,810) (12,120) Net sales 349,189 Beginning inventory 19,560 30,270 Ending inventory Purchases 258,540 296,630 Purchase returns and allowances Freight-in Cost of goods sold Gross profit on sales (4,560) 7,200 (233,850) (7,710) 9,660 (9,040) 12,630 (294,728) 46,060 90,160 91,140
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 $292,550 $410,470 Sales returns and allowances (10,040) (12,050) Net sales 345,778 Beginning inventory 20,230 32,760 Ending inventory Purchases 260,310 297,101 Purchase returns and allowances (4,960) (8,640) (10,920) Freight-in 7,970 8,460 11,900 Cost of goods sold (236,970) (295,504) Gross profit on sales 45,540 90,810 103,170
Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2016 2017 2018 Sales revenue $288,650 $ $413,170 Sales returns and allowances (11,700) (12,650) Net sales 344,231 Beginning inventory 19,490 30,190 Ending inventory Purchases 260,780 297,192 Purchase returns and allowances (5,390) (8,590) (9,130) Freight-in 7,420 9,620 12,170 Cost of goods sold (227,400) (291,369) Gross profit on sales 49,550 99,530 90,280 Click if you would like to Show...
*Exercise 8-6 Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2017 2018 2016 $288,820 Sales revenue $410,020 Sales returns and allowances (11,060) (13,430) Net sales 348,998 Beginning inventory 19,210 33,650 Ending inventory Purchases Purchase returns and allowances Freight-in Cost of goods sold Gross profit on sales (5,040) 8,110 (235,200) 261,470 (7,800) 8,410 298,835 (10,240) 12,600 (293,080) 96,640 42,560 95,570
gnment CALCULATOR Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2016 2017 2018 Sales revenue $290,990 $406,460 Sales returns and allowances (11,310) (13,570) Net sales 348,422 Beginning inventory 18,810 30,350 Ending inventory 261,520 (8,210) 9,340 Purchases Purchase returns and allowances Freight-in Cost of goods sold Gross profit on sales (4,790) 8,610 (231,970) 47,710 296,357 (10,760) 13,020 (292,188) 91,540 85,860
Exercise 8-06 Your answer is partially correct. Try again. Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missi 2020 2021 2019 $290,040 Sales revenue 358221 $412,060 Sales returns and allowances (12,080) -23436 Net sales (13,370) 344,851 33,580 277960 20,500 388624 Beginning inventory 44139 YRIR Ending inventory -33580 -44139 Purchases 258,490 Purchase returns and allowances (4,650) (7,650) Freight-in 7,840 9,070 Cost of goods sold (230,630) -249351 Gross...
O , > Assignments > Chapter 8 Exercises Chapter 8 Exercises Send to Gradebook Question 11 View Policies Current Attempt in Progress e and al 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 Ss Sales revenue $290,220 S $406,640 Sales returns and allowances (10,120) (13,630) Net sales 347,802 oport Beginning inventory 21500 30,300 Ending inventory 258,310 297477 Purchases (7.370) 8,240 (10,330) 11,340...
(22) Two items are omitted in each of the following four lists of income statement data. Determine the amounts of the missing items, identifying them by letter. sales $463,400 (b) $1,295,000 (d) cost of merchandise (a) 410,000 (c) 900,000 gross profit 83,500 $277,500 275,000 600,000