Assugnments & Projects re I https//edugen.wileyplus.com/edugen/iti/main.uni Kies

Question

Assugnments & Projects re I https//edugen.wileyplus.com/edugen/iti/main.uni Kieso, Intermediate Accounting, 16e Hele I S ES Exercise 8-6 is partially correct. Try again. Two or more items are omitted in each of the following tabulations of income statement data. Fill in the am 2016 2017 2018 Sales revenue $288,650 356881 $413,170 dy (11,700) (12,650)(01521 344,231 30,190 Sales returns and allowances Net sales 2769 381649 Beginning inventory 19,490 46269 Ending inventory Purchases Purchase returns and allowances Freight-in Cost of goods sold Gross profit on sales 301 46269 20791 (5,390) 7,420 260,780 (8,590) 9,620 (244701 : 99,530 297,192 (9,130) 12,170 (291,369) 90,280 (227,400) 49,550 LINK TO TEXT

Explanation / Answer

Cost of goods sold = Opening inventory + Net purchases - Ending inventory + Freight

Ending inventory = 30190 + (260780 - 8590) + 9620 - 244701

= 47299

For 2018 =

Ending inventory = 47299 + (297192 - 9130) +12170 - 291369 = 56162

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