Two or more items are omitted in each of the following tabulations of income sta

Question

Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing.

2016

2017

2018

2016

2017

2018

Sales revenue $290,800 $

$410,870 Sales returns and allowances (9,930) (14,280)

Net sales

349,576

Beginning inventory 20,720 29,710

Ending inventory

Purchases

257,850 296,191 Purchase returns and allowances (5,220) (8,750) (10,050) Freight-in 7,680 8,820 12,740 Cost of goods sold (232,550)

(294,284) Gross profit on sales 48,320 96,770 99,800

Explanation / Answer

2016 2017 2018 Sales revenue          2,90,800          3,63,856          4,10,870 Sales return and allowance              -9,930            -14,280            -16,786 Net sales          2,80,870          3,49,576          3,94,084 Beginning inventory              20,720              29,710              34,821 Ending inventory              29,710              34,824              39,418 Purchase          2,39,080          2,57,850          2,96,191 Purchase return and allowance              -5,220              -8,750            -10,050 Freight                7,680                8,820              12,740 Cost of goods sold          2,32,550          2,52,806          2,94,284     Gross profit on sales              48,320              96,770              99,800 COGST = Beginning inventory + Purchase - Purchase return + Fright in -Ending inventory Gross profit on sales = Net sales - COGST Purchase = COGST + Ending inventory - Fright in - Beginning inventory + Purchase return Ending inventory = COGST - Purchase + Purchase return - Freight in - Beginning inventory

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.