Question

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 Purchase returns and allowances (5,090 Freight-in 8,390 (230,540) (295,670) Cost of goods sold 49,560 93,400 89,130 Gross profit on sales eTextok and Media Attempts: 0 of 3 used Saveto Send to Gradebook A ere to search

Answer 1

Calculation of missing figures of Income Statement Answer 2019 2020 2021 $290,220 $361,432 $406,640 Sales Revenue ($10,120) ($13,630) $347,802 ($21,840) Sales return and allowances $280,100 $384,800 Net Sales $21,500 $30,300 $35,078 Beginning Inventory $30,300 $35,078 $37,895 Ending Inventory $297,477 $236,040 $258,310 ($7,370) Purchases ($5,090) $8,390 ($10,330) Purchase returns and allowances $8,240 $11,340 Freight-in ($230,540) ($254,402) $93,400 ($295,670) $89,130 Cost of goods sold $49,560 Gross profit on sale Explanations 2019 Net Sales Sales Revenue Sales Return and Allowances $290,220- $10,120 $280,100 Cost of Goods Sold Beginning Inventory Purchases Purchase Return and Allowances Freight-in Ending Inventory Cost of Goods Sold Beginning Inventory Purchase return and allowances freight Ending inventory Purchase $230,540 $21,500 $5,090 $8,390 + $30,300 = $236,040

2020 Cost of Goods Sold Net Sales Gross Profit $347,802 $93,400 $254,402 Ending inventory = Beginning Inventory Purchase - Purchase return and allowances freight- Cost of Goods Sold = $30,300+ $258,310- $7,370+ $8,240 - $254,402 = $35,078 2021 Net Sales Cost of Goods Sold Gross Profit $295,670 + $89,130 $384,800 Sales return and allowances= Sales Revenue - Net Sales $406,640 - $384,800 $21,840 Cost of Goods Sold Net Sales- Gross Profit $347,802 - $93,400 $254,402 Ending inventory = Beginning Inventory Purchase - Purchase return and allowances freight- Cost of Goods Sold =$35,078+$297,477 - 10,330 + $11,340 - $295,670 -$37,895