Exercise 8-6 Two or more items are omitted in each of the following tabulations

Question

Exercise 8-6 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 Sales revenue Sales returns and allowances Net sales Beginning inventory Ending inventory Purchases Purchase returns and allowances Freight-in Cost of goods sold Gross profit on sales Click if you would like to Show Work for this question: $290,800 $410,870 (9,930) (14,280) 349,576 29,710 20,720 257,850 (5,220) 7,680 (232,550) 48,320 296,191 750) (10,050) 12,740 (294,284) 99,800 8,820 96,770

Explanation / Answer

2016 2017 2018 Sales Revenue $          290,800 $          363,856 $          410,870 Sales Return and allowances $            (9,930) $          (14,280) $          (16,786) Net sales $          280,870 $          349,576 $          394,084 Beginning inventory $            20,720 $            29,710 $            34,824 Ending inventory $          (29,710) $          (34,824) $          (39,421) Purchases $          239,080 $          257,850 $          296,191 Purchase return and allowances $            (5,220) $            (8,750) $          (10,050) Freight in $              7,680 $              8,820 $            12,740 Cost of goods sold $       (232,550) $       (252,806) $       (294,284) Gross profit on sales $            48,320 $            96,770 $            99,800

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