Question

E6-6 Inferring Missing Amounts Based on Income Statement Relationships [LO 6-2, LO 6-6] Supply the missing dollar amounts for each of the following independent cases: Ending Cost of Inventory Goods Sold Gross Profit Selling and General Expenses Income from Operations $ 450 250 Sales Beginning purchases Total Cases Revenue Inventory Purchases Available A $ 1,400 $ 300 $ 650 1,030 330 800 L 200 D 960 680 50 300 530 300 400 200 250 300 150

Answer 1

Calculate missing amount

Cases	Sales revenue	Beginning inventory	Purchases	Total available	Ending inventory	Cost of goods sold	Gross profit	Selling and general expense	Income from operations
A	1400	300	650	300+650 = 950	450	950-450 = 500	1400-500 = 900	250	900-250 = 650
B	1030	330	800	330+800 = 1130	1130-780 = 350	1030-250 = 780	200+50= 250	200	50
C	300+530 = 830	200	600-200 = 400	300+300 = 600	300	300	530	250	530-250 = 280
D	960	910-680 = 230	680	510+400 = 910	400	960-450 = 510	300+150 = 450	300	150