Fill in the blanks: Fit Apparel Boswell, Inc. Net Sales Revenue $ 99,000 $ (d) Cost...
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Fill in the blanks: |
Fit Apparel |
Boswell, Inc. |
||||
|
Net Sales Revenue |
$ |
99,000 |
$ |
(d) |
||
|
Cost of Goods Sold: |
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|
Beginning Merchandise Inventory |
(a) |
31,000 |
||||
|
Purchases and Freight In |
47,000 |
(e) |
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|
Cost of Goods Available for Sale |
(b) |
88,000 |
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|
Ending Merchandise Inventory |
(2,000) |
(2,000) |
||||
|
Cost of Goods Sold |
60,000 |
(f) |
||||
|
Gross Profit |
39,000 |
113,000 |
||||
|
Selling and Administrative Expenses |
(c) |
87,000 |
||||
|
Operating Income |
$ |
11,000 |
$ |
(g) |
||
Homework Answers
Fit Apparel
(b) Cost of Goods Sold = Cost of Goods Available for Sale - Ending Merchandise Inventory
60,000 = Cost of Goods Available for Sale - 2,000
Cost of Goods Available for Sale = $62,000
(a) Cost of Goods Available for Sale = Beginning Merchandise Inventory + Purchases and Freight In
62,000 = Beginning Merchandise Inventory + 47,000
Beginning Merchandise Inventory = $15,000
(c) Operating Income = Gross Profit - Selling and Administrative Expenses
11,000 = 39,000 - Selling and Administrative Expenses
Selling and Administrative Expenses = $28,000
Boswell, Inc.
(f) Cost of Goods Sold = Cost of Goods Available for Sale - Ending Merchandise Inventory
= 88,000 - 2,000
= $86,000
(d) Net Sales Revenue = Cost of Goods Sold + Gross Profit
= 86,000 + 113,000
= $199,000
(e) Cost of Goods Available for Sale = Beginning Merchandise Inventory + Purchases and Freight In
88,000 = 31,000 + Purchases and Freight In
Purchases and Freight In = $57,000
(g) Operating Income = Gross Profit - Selling and Administrative Expenses
= 113,000 - 87,000
= $26,000
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Fill in the blanks: Fit Apparel Boswell, Inc. Net Sales Revenue $ 99,000 $ (d) Cost...
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Thank you to anyone who helps
Fill in the blanks in the following separate income statements a through e. (Amounts to be deducted should be indicated by a minus sign.) d - a $ 66,000 b $ 44,600 c 47,000 e $ 25,300 Sales $ 16,990 5,900 Cost of goods sold Merchandise inventory (beginning) Total cost of merchandise purchases Merchandise inventory (ending) Cost of goods sold 8,900 39,000 7,900 41,000 (5,000) 4,330 5,000 (8,200) (2,900) 20,000 33,900 7,700 Gross profit...
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through e.Fill in the blanks in the following separate income statements a through e. (Amounts to be deducted should be indicated by a minus sign.) $ 64,000 $ 44,800 $ 39,000 $ 24,200 Cost of goods sold 16,720 4.480 7,300 32,000 5,800 . (8,900) 7,300 33,000 (7.600) 6.700 Merchandise inventory (beginning) Total cost of merchandise purchases Merchandise inventory (ending) Cost of goods sold Gross profit Expenses Net income (loss) (2,800)...
Consider the following partially completed income statements for merchandising companies and compute the missing amounts: (Click the icon to view the Income Statements.) Data Table Flynt Corp. Corrigan, Inc. 100,000 L $ L $ 28,000 Flynt Corp. 100,000 Corrigan, Inc. $ 51,000 $ Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Purchases and Freight In Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses 93,000 (1,800) Net Sales...
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