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Question

geNOWv2 |Onlin Y Yahoo Determining Amounts To B .com/ilrm/takeAssig entMain.doPinvoker assi gnments&itakeassignmentSessionlocator-assignment-takeBinprogress-fase; m eBook Show Me How Print Item Determining Amounts for Items Omitted from Income Statement One item is omitted in each of the following four lists of income statement data Sales Cost of merchandise sold Gross profit Determine the missing amount. $462,250 (a) 83,720 $1,239,000 () $437,500 123,645 $329,000 84,380 461,975 b. C. Ceck ihy Work 2 more Check My Work uses 2 more Check My Work uses remaining

Explanation / Answer

Sales – Cost of merchandise Sold = Gross Profit

(a) 462250 - Cost of merchandise Sold = 83720

       Cost = 462250-83720 = 378530

(b)Sales – 329000 = 84380

   Sales = 413380

(c) 1239000 – cost = 461975

Cost = 777025

(d) Sales – 437500 = 123645

    Sales = 561145

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