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Answer
- Requirement asked
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Income Statement |
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Sales Revenue |
$115,000 |
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Less:Sales Discounts |
$4,550 |
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Net Sales |
$110,450 |
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Less: Cost of Goods Sold |
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Beginning Inventory 1 Jan 2019 |
$10,000 |
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Add: Purchases |
$69,700 |
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Purchase discounts |
($1,500) |
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Purchase return & allowances |
($2,350) |
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Freight In |
$2,400 |
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Net Purchases |
$68,250 |
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Cost of goods available for sale |
$78,250 |
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Less: Ending Inventory 31 Dec 2019 |
$8,300 |
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Cost of Goods Sold |
$69,950 |
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Gross Profits |
$40,500 |
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1.
For Whitehair Company, beginning inventory is $12,000 and ending
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Freight-In
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Purchases
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Purchase Discounts
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Purchase Returns and Allowances
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1.
For Whitehair Company, beginning inventory is $12,000 and ending
inventory is $15,000. Yearend account balances are:
Freight-In
$1,100
Purchases
50,000
Purchase Discounts
800
Purchase Returns and Allowances
1,250
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Discounts
2,500
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2. In a period of inflation, which cost flow method produces the
highest net income?
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